Private Loans
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Private Loans
Private loans are designed to help students and their families cover educational expenses when additional funding is needed or when federal loan options are not available.
These loans are available to students enrolled in a degree-seeking program at Southeastern Louisiana University. Approval is typically based on creditworthiness and the ability to repay, and a cosigner may be required. Interest rates are often higher than those of federal loans, so it’s important to borrow carefully and only what is necessary, as all borrowed funds must be repaid.
Private loans may also be a viable option for international students who are not eligible for federal aid but have access to a creditworthy U.S. citizen or permanent resident cosigner. While private loans may offer higher borrowing limits than Federal Direct Loans, they are still capped by the student’s Cost of Attendance (COA).
Private Loan Process
Research lenders to identify a lender that offers you acceptable interest rates, fees, and disbursement and repayment options.
Explore Private Loans using FastChoice
Complete your application, submit outstanding paperwork to the lender, authorize a credit check, and, if approved, sign a promissory note.
- Carefully consider the loan period. You should select a period that corresponds to our academic year. We advise you to apply for the loan for the full academic year, rather than apply for a loan for the fall and reapply for a loan for the spring. If the spring portion is not needed, you can cancel or return it.
- The loan amount you are certified for will be divided equally among the terms for which your private loan was applied for and approved.
- Maximum eligibility is your Cost of Attendance, which includes tuition, fees, and living expenses, minus other financial aid you are receiving.
- The University will only deduct private loans from your bill when they are “approved,” meaning that the credit is acceptable or “ready for school certification,” promissory note has been signed, and any documentation required by the lender and University has been submitted. The lender will notify us when the loan is approved.
Once your loan has been approved, The Office of Financial Aid & Scholarships will receive notice from the lender that our certification is requested. Since these loans are designed by the lenders for educational purposes, they require certification of your post-secondary education progress. Usually, they require that we certify your class level, enrollment, and anticipated graduation date. Therefore, you must be enrolled to receive these funds.
If you are not enrolled when loan funds arrive, they will be returned to your lender.
Loans will be disbursed according to the disclosure statement from the lender. Most disbursement dates are timed to reflect the start dates of each semester.
If you are not enrolled when loan funds arrive, they will be returned to your lender.
Private Loan Lender Information
Southeastern Louisiana University provides FastChoice as a resource to help students and families compare private education loan options. The lenders included are those used by Southeastern students within the past three years.
Use of this list is completely optional. Borrowers are not required to select a lender from FastChoice and may choose any lender they prefer. This resource is provided strictly as a convenience to help borrowers explore and compare options. The Office of Financial Aid & Scholarships will process loans from any eligible lender in accordance with federal and institutional guidelines.
Lenders in FastChoice are displayed in a random, rotating order and are not ranked or listed by preference. Students and families are encouraged to review each lender’s website and select the option that best meets their needs.
University officials are prohibited from receiving any financial or other benefits in exchange for including lenders in FastChoice. This includes compensation, gifts, staffing arrangements, use of the University’s name or logo, or ownership of lender stock by financial aid decision-makers.