Graduate Arts & Sciences: Private Loan Procedures & Lender Selection
Applying for a Private Educational Loan
IMPORTANT NOTE: It is our firm belief that families should borrow only when absolutely necessary, and then only to the extent needed. We encourage that serious and deliberate consideration be given to making any borrowing decision.
Private educational loans are another alternative funding source for students who need more loan funds than the Federal Stafford Loan. Terms of private loans vary significantly. These loans can be more expensive than federal loans because the federal government does not guarantee them. They require a credit check and/or debt-to-income ratio on the borrower and/or co-borrower. A co-borrower may be required; lower interest rates may be available to students who choose to have a co-borrower. Each time a student wishes to borrow a private loan, a new loan application is required by the lender.
Private Educational Loan Application Process:
- You must initiate the loan process by selecting a private loan lender. You may choose to use one of Emory's private loan lenders listed below. Apply online at the lender's website, or contact the lender by phone. It is a good idea to apply early as processing may take several weeks. However, keep in mind that credit approvals are only good for 90 to 150 days; do not apply earlier than May for the upcoming academic year.
- Once the borrower and/or co-borrower's credit is approved, Emory will receive a request from the lender to certify the loan. We will certify the loan for the lesser of the amount you request on your application or the maximum amount allowed by your financial aid budget (total cost minus other financial aid).
- Funds received at Emory will be applied first to your student account, and then refunded to you by Student Financial Services within 7 to 10 business days in the event of a credit balance. Using a lender other than the lenders listed below may delay the arrival of your loan funds.
Emory Private Loan Lenders
In an effort to assist students and families in choosing a lender, the Office of Financial Aid has compiled a list of institutions we consider to offer competitive products, solid customer service, electronic payment of loan funds and a variety of savings programs during loan repayment. The Office of Financial Aid surveys lenders annually to provide the latest information regarding products and benefits. Information related to the Lender Survey Process is available in the Office of Financial Aid upon request. Reasons for selecting a particular lender will vary from person to person, so this list should only be used as a guide or starting point for analysis. Some choose a lender based on name recognition, immediate benefit of lower origination fees, or the long-term advantage of repayment savings programs, like an interest rate reduction as a reward for making payments on time. Please note that you are not required to use any of these lenders – the choice of lender is yours. The Office of Financial Aid will process your loan with any lender you choose. Further, the list of lenders is not in any order of preference. Choose your lender carefully with the intent that you will remain with that lender throughout your studies at Emory.
Please click the following link to review the Private Educational Loan Lender List.