IUPUI

Private / Alternative Loans

General Information

Private student loans are offered to students by private lending institutions as an alternative aid option if additional funding is needed to supplement your state and federal aid. Before you consider borrowing a private student loan, we recommend you apply for federal student loans, which generally have better terms and lower interest rates.

You should consider a number of factors before applying for a private student loan, such as:

• Private student loans usually have higher interest rates with interest that accrues while the student is in school.
• Students must have a good credit history to obtain private student loans. You may need a credit worthy co-borrower to receive a private student loan.
• The lenders interest rate on your private student loan is variable and dependent upon your credit history, and if applicable, your co-borrower’s credit history.

IUPUI will certify your private loan with the lender of your choice. An available resource to help in the selection of a lender is the Private Student Loan Comparison Chart offered by www.FinAid.org. Because lenders may adjust loan terms and criteria, you should confirm this information found with your lender before applying for a private loan.

Once you have been approved by your lender, your lender will notify our office directly. We will process your private student loan if you meet the eligibility requirements, and then we notify your lender of our certification of your loan.

Generally, the certification process will take 10—15 business days, but could be longer during peak times. Watch your OneStart account to see when the loan has been processed by our office. You must continue to meet the eligibility requirements once the funds arrive in order for the funds to apply to your university account.

If we are unable to process your loan you will be notified through your university email account.