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PRIVATE STUDENT LOANS
A private loan is a credit-based loan that allows a student to borrow the remaining need after their financial aid is processed. This loan should be a student's last resort to obtain funding for their college education. A private loan usually carries a much higher interest rate than the Federal Direct Loan. A student will more than likely need a co-borrower to qualify for private loans.
To apply for a Private Student Loan:
1. Complete the Private Education Loan Self-Certification Form and mail it to your lender.
2.Choose a lender below to fund your loan. Follow the steps setup on the lenders web site to perform your credit check and sign your application.
The Financial Aid Office will be informed of the lenders credit decision electronically. If the loan is approved, the Financial Aid Office will award the Private student loan to you. If the loan is denied, you have the option of re-applying for this loan with a credit worthy co-borrower.
The following established lenders have been placed on our lender list because they provide exemplary service and financing options that provide a wide range of benefits to their borrowers. Our Lady of the Lake University encourages all students to investigate a lender before making a choice to borrow from them. A student is never required to use only the lenders on our lender list. OLLU will certify a loan with any lender of your choice. OLLU does not receive any benefits from partnering with these lenders.
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