Private Education Loans

Private education loans can help bridge the gap between the actual cost of your education and federal student loan limits. Selecting a lender is an important decision as you will be working with the loan provider for the life of the loan. Take the time to compare private education loans before you apply. To apply for a private loan, you will need to contact the lender directly.

To assist students searching for private educational loans, you can use the Elm Select comparison tool. The lenders listed in the comparison tool are the most utilized private lenders by UP students and families over the past three years. These lenders offer competitive loan products, prioritize good customer service practices, and provide online processing. Our institution has had positive experiences working with these lenders in the past, and previous borrowers have reported favorable interactions. These lenders use ELM to ensure efficient fund processing, allowing UP to handle disbursements and refunds electronically.

Before pursuing private loans, we strongly encourage you to complete the current year's Free Application for Federal Student Aid (FAFSA). Completing the FAFSA will ensure that your eligibility for federal Title IV, state, and institutional aid is first determined.

You are not limited to the lenders in the comparison tool, you can choose any lender that you wish. Please consider the terms and conditions of each loan carefully before borrowing.

Federal regulations require lenders to provide multiple loan disclosures to borrowers, a Student Self Certification Form, and an additional period for borrowers to decline the loan once it has been approved. The Student Self Certification Form will request the following information:

• Period of enrollment covered by the loan
• Cost of Attendance for the period of enrollment covered by the loan (COA) - Your COA can be found on your offer letter or on Self Serve on the Pilots UP portal.
• Estimated Financial Assistance (EFA) - This includes scholarships and grants you are receiving as well as other loans and work study. It may also include other educational resources. Your EFA can be found on your offer letter or on Self Serve on the Pilots UP portal.
• Signature

A private loan can take up to two weeks for the lender to process and notify the Office of Financial Aid of the request. Keep this in mind when submitting a loan application to allow for plenty of time for the loan to be processed.

You can find additional disclosures and Truth in Lending information for each lender in Elm Select.