How to apply for a private student loan

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To apply for a private student loan:

  1. Research the loans listed on the SPC Private Loan Lender List or choose a lender that best suits your purpose. Consider borrower benefits, interest rates, fees, repayment options and any restrictions. Keep in mind that private student loans require school certification. They are available to students whose Cost of Attendance has not already been met with other aid.
  2. Credit approvals are typically good for only 60 to 90 days. Therefore, do not apply earlier than 45 days prior to the start of the term.
  3. The process can take up to 4 weeks from the time you apply until funds are disbursed to the school.
  4. Use the loan period dates listed on the Private Loan Lender List when completing your application. If you have special circumstances that require you to deviate from these dates, you must first meet with a Financial Assistance Counselor.
  5. If your loan is approved and your lender does not utilize electronic signatures, they will mail you an application/promissory note to complete. Return the completed application/promissory note to your lender; do not mail it to SPC Financial Assistance Services.
  6. Your lender will notify SPC of your credit approved application. After determining your actual loan eligibility, we will certify your loan amount.
  7. You must complete a Private Education Loan Applicant Self-Certification. Use the following Loan Period and Cost of Attendance information to complete the self-certification. Your Estimated financial assistance for the period of enrollment covered by the loan is the total of your financial aid package, including subsidized and unsubsidized loans, for the time frame of the loan period.
  8. Your loan proceeds will be disbursed to your student account on the scheduled disbursement date. Funds awarded are first applied towards student's tuition and book charges. Any remaining credit balances will be applied to your SPCOneCard starting at the end of the fourth week of your classes.
  9. If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid.