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Private Loans

If your needs aren't fully met by federal programs or scholarships and grants, commercial banks can provide additional assistance. Private loans, which are direct loans from banks or other financial institutions, must be repaid with interest. Parents and students should pursue grants, scholarships, work-study and federal loans before applying for private loans, because they come with higher interest rates.

Applying For a Private Loan:

  • Explore all of your Federal Loan options first before applying for a Private Alternative Loan.
  • Check with your financial aid counselor to determine the amount to borrow. We encourage students to borrow conservatively.
  • Find a lender:
    • D'Youville College's Preferred Lender List is a selection of banks and financial institutions that offer the best rates and services. Remember, if you wish to use another lender that is not on our Preferred Lender list, you have the right to do so.
    • Find a co-signer. Unless you are steadily employed and have a stable credit history, you will more than likely need a co-signer in order to be approved for a private student loan.
    • Compare rates and terms side by side. Approval and interest rates are determined by the credit scores of the applicant and co-signer.
  • Apply for your loan directly to the lender of your choice (usually on their web site).
  • Fill out an Applicant Self-Certification Form and submit it to your lender
  • Your loan will be paid out directly to D'Youville College after the Financial Aid office certifies your eligibility.

Tip: Since loans are not renewable you will need to apply every year. When you apply, we recommend that you submit your loan request to cover your financial needs for a full academic year (fall, spring and summer semesters). This is the best way to preserve your credit score, because every time you apply for a loan it can adversely affect your credit score. We are happy to process your loan one semester at a time if you wish.

Tip: Private loans are approved (certified) starting on June 15th and throughout the school year. We recommend that you submit your loan application to your lender no later than a month before the last day of the semester for which you are requesting funds.

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