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Private Student Loans

Private student loans provide a source for financing costs of your education covered by other forms of financial aid.

Private loan programs will require an established credit history or a co-signer.  These loans are subject to higher interest rates than the federal loan programs offered by the Financial Aid Office.  Students considering ways to finance their education should first apply for financial aid through Radford University. Those students who do not receive sufficient funding for the cost of attendance should then consider alternative financing. 

Students who are interested in applying for a private student loan should review the information provided by the various lending institutions.  Loan applications have to be submitted to the lender, typically through an on-line application.  You will be required to submit several self certification forms and disclosure statements and agreements throughout the loan application process.  The application process can take up to 30 days to complete, so applications should be submitted in a timely manner.  It is important that you respond to any requests from your lender immediately.  Missing or incorrect information can cause a delay in processing your loan application.

Once your loan application has been completed and approved by the lending institution the school will receive a certification request.  We will certify the loan for the eligible amount up to your financial aid cost of attendance.

All students who apply for a private student loan and do not complete the FAFSA will need to submit the Private Loan Information Sheet to the Financial Aid Office so your loan can be certified.

Additionally, all students who apply will be required to minimally submit the Private Loan Self Certification Form to the lending institution.

Here are some commonly asked questions about Private Student Loans -

  1. How do I apply for the loan?
    Complete an application with the lender of your choice.  Once you have completed the application and the loan has been approved, we will be notified by the lender to certify your loan. Here is a list of lending institutions that have been used by other Radford University students.
  2. How much can I borrow?
    You can borrow up to your financial aid cost of attendance in a Private Student Loan.  We encourage you to exhaust all Federal Loan programs before applying for a Private Student Loan.
  3. How many hours must I be enrolled to receive the loan?
    You must be enrolled at least half time to receive most private loan funds, there are some exceptions, but you will need to determine which lenders may process a loan for less than half time enrollment.
  4. Do I need to be making Satisfactory Academic Progress to receive a Private Loan?
    There are some lenders that do not require you to be making Satisfactory Academic Progress.  You will need to review the loan requirements provided by the lender to determine if they allow this exception.
  5. When will my loan funds credit my account?
    The financial aid office will credit your student account at the beginning of each semester.  If you have completed all the loan requirements your loan funds will credit your account for the start of each semester.
  6. When will repayment begin on the loan?
    Repayment varies by the lending institution.  You will need to review the repayment information for your selected lender.