Private Student Loans
If you have exhausted all federal aid, scholarship, and grant options, you could consider applying for a private student or parent loan to cover the remaining cost of attendance. In most cases, loans must be repaid with an interest charge and have a repayment timeline.
Students may choose any lender they would like, a list of preferred lenders may be found by visiting www.elmselect.com. Carefully, consider all your options and review the terms and conditions for each lender. Only borrow what is needed to pay for your educational expenses.
Private Education Loans are credit-based loans provided by private educational lenders. These loans are not issued, insured, or guaranteed by the federal government. The Preferred Lenders options allow students to compare private loan options, as rates and terms may vary by borrower and lender. Rates and loan repayment terms are always subject to approval.
IMPORTANT: If eligible, you should first consider federal loan funding and then, if additional funding is needed, consider applying for a private educational loan.
Researching Private Lenders
To start your search, the University of San Francisco has put together a list of recommended lenders. You are not required to use any of the lenders on the preferred lender list; students and families may choose any lender of their choice. There is no requirement to utilize a preferred lender, nor are there penalties imposed should a different lender be selected. If you are considering a lender that does not appear on our list, you should collect the same comparative information in order to make an informed decision.
Financial Fundamentals is a loan counseling tool, which provides basic information about borrowing money to pay for your education. Please review the information carefully prior to proceeding with your private loan research.
Regardless of which private lender you choose, you will need to complete a self-certification form prior to receiving your first disbursement of private loan funds. Your lender will provide you the form during the application process.
USF put together a list of recommended lenders. However, you are not required to use any of the lenders on this list.
Private Loan Certification
Once approved for your private educational loan, the lender submits a certification request to the Office of Financial Aid within 3 to 5 business days.
Federal regulations prohibit a student from receiving aid from all sources in excess of the semester's Cost of Attendance — the certification of a private loan ensures that the student is not over awarded for either the semester or academic year. Certification requests are processed within 14 business days of receipt. Private loans will appear on the financial aid package and as "expected financial assistance" on the View and Pay section of myUSF once certified.
Private Loan Disbursement
Lenders are required to provide the borrower with a right-to-cancel period for their lender-approved and school-certified loans. The right-to-cancel period may take between 3 to 10 days, depending upon the lender. Private loan funds are released to USF after the right-to-cancel period has expired and are disbursed to students' accounts on the semester's disbursement date (10 days prior to the start of the semester). Private loan funds received after the semester's disbursement date will be disbursed within 2 to 3 business days after receiving the funds.