Private Education Loans
Borrowing for your education is an investment in you and your future!
The Federal Loan Programs have limits on how much a student can borrow annually. Many students find they need additional funding and use Private Education Loans. A private student loan is a credit-based loan for college that can help bridge the gap between the actual cost of attendance and other financial aid received. These loans are issued by private lending institutions, such as banks and credit unions. Applications must be submitted with the lender, credit criteria met and other requirements met as requested by the lender. Private loans must be added to a student’s financial aid offer and cannot exceed a student’s cost of attendance.
Private Education Loan Overview
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Lender |
Bank, credit union, financial institution, state agency or college/university |
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FAFSA required? |
No |
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Interested rate type |
Fixed and variable options available |
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Rates based on credit criteria? |
Yes |
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Cosigner required? |
Possibly, unless borrower has strong credit history |
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Payment plans |
Varies by lender. Some lenders may offer multiple options. |
Whitworth has compiled a list of lenders from whom Whitworth students have borrowed in the past three years. (Whitworth may not recommend a lender to you; we can only provide you a list of lenders our students have used.) You may select ANY lender you wish, whether it is on this list or not. You can access this list, through the FastChoice website, which is available on our Whitworth website at Private Education Loans | Financial Aid | Whitworth University. FastChoice is a search engine that allows students to compare the different loan products available and the various terms.
FastChoice
Application and Disbursement Process
Student applies directly with the lender of their choice, typically online. If approved by the lender, the lender will send an electronic request to the Whitworth Financial Aid Office to certify the loan. Then the loan will be added to the student’s financial aid offer. The loan will be scheduled to disburse according to the number of terms the loan is based on. The funds will transfer to the student’s Whitworth account at the beginning of the term, or if the term has already begun, about two weeks after it has been certified by Whitworth. (If you are considering an alternative private loan for a study-abroad program, please consult with your financial aid advisor regarding disbursement options.)
All private lenders will require you to submit a completed Private Education Loan Applicant Self-Certification Form in order for them to process your loan application. Most lenders will provide their borrowers with their own form. However, if you find you need one, please print this Private Education Loan Applicant Self-Certification Form, complete it and forward it to your lender.