Applying for Private Loans
How do I find a private loan lender?
ELMSelect is a lender-neutral platform that contains a list of lenders and featuring side-by-side comparisons of several different student loan products. You are not limited to those on the ELMSelect list.
Before you apply
- Collect all the information that you need prior to starting the application process. Most lender applications require information on the borrower (the student), a co-borrower (also referred to as a co-signer) and several references.
- Identify a co-borrower (also called a co-signer) that will strengthen your application.
- Plan to apply for more than one loan. Research indicates applying for too many loans may have a negative impact on credit score. The trade off is by not applying for more than one loan you may be missing an opportunity to save. It pays to compare! Do your homework and find the lender that best suits your needs.
After you apply
- Lender Contacts the College. Once approved, the lender will send the loan certification request to the College to verify your enrollment
- The College's Office of Financial Assistance and Veterans Affairs Certifies. The certification process generally takes 5-7 business days and includes a "right to cancel" period before funds are released by the lender.
- Lender Releases Funds to the College. Once the College receives your loan funds from the lender, the funds will be applied to your tuition and any outstanding charges on your account. Any balance owed to you will either be deposited in your checking or savings account, or a check will be mailed to your address.
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