Applying for a Private Loan

Students are strongly encouraged to pursue all other types of aid, including federal loans, before applying for a private loan. Federal student loans offer low interest rates to students even without a credit check. Private loans often require a cosigner while federal loans do not.
A student who has exhausted all other financial aid options may want to consider applying for an alternative or private educational loan.
Students can borrow up to total cost of attendance minus other aid received.
Students should be aware of repayment terms before borrowing. While payments may be deferred, interest can accrue. Know the repayment terms and consider paying interest while in school to save money.

Find a Private Loan Lender

Listed below are two application tools that will provide access to multiple lenders.

You can use the INvestEd Student Loan Marketplace to compare actual rates from multiple private student loan lenders. This tool allows you to compare rates and terms to help you find the best option. The INvestEd Student Loan Marketplace displays interest rates and repayment terms from multiple lenders based on a soft credit check.

The ELMSelect provides a range of rates from a historical list of lenders that students have used in the past. As a borrower, you have the option to select any lender you choose. The University of Indianapolis does not recommend or endorse any private student loan programs. Students can apply with any lender they choose even if not listed in either tool.

Private Student Loan Requirements

Borrower self-certification form

Each private loan lender must obtain a signed and completed self-certification form from the borrower BEFORE disbursement can be made. Although this form should be given to the student by the lender when the initial Application and Solicitation Disclosure is sent, you may obtain a copy of the self-certification form.

Disclosures lenders must provide to borrowers

Application and Solicitation Disclosure – Provided when an application is initiated.
Loan Approved Disclosure – Sent after credit is approved. This disclosure provides information about terms of the loan. The borrower must actively accept the loan term within 30 days of receipt of disclosure for the application to proceed.
Final Disclosure – Sent after the borrower has accepted the terms of the loan and after the school has certified the loan amount (occurs prior to disbursement). The loan cannot be disbursed to the school until up to 7 days have passed from the lender sending disclosures to the borrower.

For International Students Only

Paras Loan Services - for more information, visit isloan.org.