Private student loans can help to fill the gap between the cost of education and the amount of other financial aid awarded. These loans are provided by private lenders and do require credit check approval. We highly recommend students borrow funds their yearly maximums for the federal loan programs first before exploring private loan options.
Students may be eligible for these credit-based loans which have varying criteria (interest rates, minimum monthly repayments, etc.). They are not federally guaranteed student loans.
Students have the right and the ability to select the private loan lender of their choice. Before applying for a private student loan, you should first see if you qualify for loans or other assistance under the Title IV, HEA programs. The terms and conditions of the Title IV, HEA program loans may be more favorable than the provisions of the private education loans.
We highly recommend that students exhaust their Federal Direct Loan eligibility before pursuing funds through a private education loan.
Also, be aware that parents of dependent students are typically able to borrow a certain amount through the Federal Direct PLUS Loan program. Federal Direct Student Loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.
How to Apply
To start your search for a private student loan, the UC Office of the President has put together a UC Preferred Lender List to assist students in comparing loan options. Lenders on this list were selected through a neutral evaluation process based on loan terms, borrower benefits, and quality of service.
You are not required to use any of the lenders on the UC Preferred Lender List and may choose any lender you prefer. Our office will process loans from any eligible lender you select.
Per HEOA guidelines, our office adheres to the "UC Student Loan Code of Conduct". If you have specific questions related to your credit history, you should contact the private loan lenders at the numbers provided on the website listed below:
Self-Certification Form
In order to receive loan proceeds, you must apply to the lender directly.
In addition to completing a lender-specific loan application, you must also complete and submit a "Private Education Loan Applicant Self-Certification Form" to your lender.
For the cost of attendance amount required in Section 2A of the form, use the amount listed on your financial aid award letter.
For the estimated financial assistance amount required in Section 2B of the form, total the awarded amounts from your award letter.
Submit the form to your lender; do not submit it to our office. You will not receive any loan disbursements until your lender receives the form.