Students who need additional funds after considering the federal student loans listed above or students who are ineligible for federal aid – may need to apply for a private alternative loan.
Private student loans are offered by a number of educational loan companies (lenders). Because these loans are not guaranteed by the federal government, interest rates origination fees and application fees are usually higher than for the Stafford loan program.
A co-borrower may be required, depending on your credit history and credit worthiness.
Private loans are not for everyone. You should exhaust all of your Stafford loan eligibility before considering private loans. Since a credit check is performed, not everyone is approved for private loans.
The Office of Financial Aid is able to process private loan applications from many of the lenders. Before deciding on a private loan, you should determine the following:
- What is the interest rate?
- When does repayment begin?
- Can principal and interest be deferred?
- When is the interest capitalized?
- How much is the loan origination fee?
- What are the loan minimums and maximums?
If you've already selected a lender and begun the application process:
Your lender should provide you with a copy of the required Private Education Loan Self-Certification Form.
If you do not receive one from your lender, you can download a standard Self-Certification Form. If you download the form here, we recommend that you contact your lender for your application ID or other identifier that will help the lender match the form with your application.
To complete your Self-Certification Form, you will need to know your cost of attendance and estimated financial assistance. Please log on to my.emich account and follow the steps below:
- Click on the Student tab
- Scroll down to the Services Main Menu
- Click on Financial Aid
- Click on the "Award" link.
- Click on the Award for Aid Year link.
Remember to send your completed self-certification form to your lender. Your loan cannot be disbursed until your lender receives it.
If you need to select a lender:
EMU cannot certify loans until you are enrolled in classes.
You have the right to select any lender you wish for an alternative loan. Many lenders offer attractive terms and conditions which you can find by searching the internet.
The lenders listed below (in no particular order) have provided private loans to Eastern Michigan University students in the past three years. We recommend you review the terms and conditions of several lenders before applying.
- Charter One: www.charterone.com/TruFitStudentLoan
- Wells Fargo : www.wellsfargo.com/student
- CitiAssist: www.studentloan.com
- Alaska Student Loan: http://akadvantage.alaska.gov/
- PNC Solution Loan: www.pnconcampus.com
- Wright Pratt Credit Union Std Choice: www.wpcu.studentchoice.org
- Sun Trust: www.suntrusteducation.com
- Discover: www.discoverstudentloans.com
- Sallie Mae Smart Option: www.salliemae.com
- Chase Select: www.chasestudentloans.com
- Fifth Third: http://web.53educationlending.com/smartoption/default.asp
- Lake Trust Credit Union: www.laketrust.org/College-Loans-50.html
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