Private Student Loans

Private Student Loans provide a source of funding to finance the costs of a student’s education not covered by other forms of financial aid.

Private Loan programs 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. 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 research information provided by various lending institutions.  Private Loan applications must be submitted directly to the lender.  This typically occurs through an online application.  A student will be required to submit several self-certification forms and disclosure statements and agreements throughout the loan application process.  They will also be asked to provide a loan period, stating the duration of which they will need the loan. 

Please make sure that the desired correct loan term period is entered.  For example, a student will be attending during the full year but only wants the loan for Fall, they would need to input August of that year to December of that same year, as the term duration period of loan.

Common Loan Term Periods are:

Fall only loan requests: August 15 - December 15
Fall and Spring loan requests: August 15 - May 15
Spring only loan requests: January 15 - May 15

The application process can take up to 30 days to complete, therefore applications should be submitted in a timely manner.  It is important that a student responds to any requests from their lender immediately.  Missing or incorrect information can cause a delay in the processing of the loan application.

Once the loan application is completed and approved by the lending institution, our office will receive a certification request.  It can take 3-5 business days for our office to complete a certification request.  We will certify the loan for the maximum 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 may be required 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 the applicaiton is completed and the loan is approved, we will be notified by the lender to certify your loan. 
  2. How do I know which lender to use?
    You have to research options and decide what you think is the best option for you.  Here is a list of lending institutions that were used by other Radford University students.
  3. Do I have to use a lender from the lender institution listing?
    No.  A student can utilize any lending institution that offers a student loan.  To alert us that you are using a lender not on the current list, please email  Please be sure to include your RU ID number along with the name of the lending institution.  This will assist us in obatining the information required to certify your loan.
  4. How much can I borrow?
    Students can borrow up to your financial aid cost of attendance in a Private Student Loan.  We encourage students to exhaust all Federal Loan programs before applying for a Private Student Loan.
  5. How many hours must I be enrolled to receive the loan?
    A student 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 will process a loan for less than half time enrollment.
  6. Do I need to be making Satisfactory Academic Progress to receive a Private Loan?
    There are some lenders that do not require a student 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.
  7. When will my loan funds credit my account?
    The financial aid office will credit a student's account at the beginning of each semester.  If a student completed all the loan requirements, the loan funds will credit their account at the start of each semester. 

    Please note: many private loan programs have a 15 day waiting period before the loan is disbursed to the school.  It is important to read all documentation provided by your lender to understand when the funds will be disbursed to Radford University and then be applied to your account.
  8. When will repayment begin on the loan?
    Repayment varies by lending institutions.  A student will need to review the repayment information from their selected lender.