Private loans, which are direct loans from banks or other financial institutions, must be repaid with interest.
If your needs aren't fully met by federal programs or scholarships and grants, commercial banks can provide additional assistance. Remember, parents and students should pursue grants, scholarships, work-study and federal loans before applying for private loans, because they come with higher interest rates.
- 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'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 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.
We recommend several lenders based on the quality of their rates, service and convenience.
We also include lenders who have received positive feedback from our current students and their parents. We receive no incentives or benefits from any lender, whether or not they are designated as a preferred lender.
You are not obligated to choose a lender from our Preferred Lender List and you will not incur any penalties for choosing a lender that is not on our list. We provide this list as a service to you and will certify a loan with any lender you choose.
For more information, and to apply, please visit www.elmselect.com.
D'Youville Preferred Private Alternative Lenders
- Citizens Bank
- Sallie Mae
- Union Federal
- Wells Fargo Bank
Every year we request extensive and detailed information from lenders to assess their ongoing performance. Product, services and processes play an equal role in our analysis. To be selected as a D'Youville preferred lender, the financial institution must be reputable and provide the following to students:
- A competitive set of products and rates with no hidden fees.
- Unsubsidized interest is added to the principal of the loan only once at repayment
- Excellent service and toll-free customer service numbers.
- Quick response to the needs of our students and families.
- Direct contact representatives who can easily contacted by Financial Aid office staff to quickly resolve any issues.
- Full electronic processing of loans including electronic transfer-of-funds.
Lenders have informed us that they reserve the right to discontinue or modify benefit programs at any time.
Student Loan Applications and Comparison can be used to view details of each lender and to make side-by-side comparisons.