Loans to help bridge the gap between the Cost of Attendance and the amount of financial aid you receive.
These loans are credit-based.
The student is the borrower, and the lender of the loan will most likely require a credit-worthy co-signer for the loan to be approved.
Eligibility for these loans depends on your credit score, your income and your debt as the financial institutions offering these loans review your ability to repay the loan.
Many lenders offer a choice of a fixed interest rate or a variable interest rate.
Interest rates are typically based on either the Prime Lending Rate or the LIBOR index.
Interest on private loans will accrue from the time a loan is disbursed to the university.
The lender of the loan will provide you with the terms and conditions when you apply.
Private loans usually cost more than federal student loans because they may have higher interest rates, fees, and varying terms and conditions.
We encourage you to apply for financial aid first in order to maximize your federal student loan eligibility.
Parents may also wish to review the Federal Direct Parent Loan (PLUS) information on our website, and instead consider borrowing from that federal loan program.
Make sure you understand the terms and conditions of the loan for which you are applying.
Lenders may offer more than one option for repayment from which you may choose.
Some lenders may require you to make interest payments while you are in school.
If you select a private loan that allows you to defer the repayment until after you graduate, interest will still begin to accrue when the loan is disbursed to the University.
Capitalizing interest over 4 years of study will result in a higher balance due than if you pay the interest while in school.
The lender will perform a credit check on you and your co-signer (if applicable).
In order to minimize the number of times your credit is checked, you should apply for a loan for the entire academic year rather than prior to each semester.
Students that are not meeting the Satisfactory Academic Progress (SAP) requirements of the University should first check their private loan lender’s SAP policy before applying for a loan. Some lenders require that students meet the SAP requirements of the University to be eligible for their loan program.
Some major national banks as well as credit unions, state agencies, and other financial institutions offer these loans.
The University of New Haven does not recommend any particular lenders.
Students can search online or consult with their established financial institution to find a private student loan that meets their needs.
The University accepts and certifies loans from any lender the student chooses, providing the student meets all eligibility requirements of the lender.
Research the loan options before applying.
Note: The lenders can change their loans on a moment's notice
To find the best private student loan program for you and your family, we suggest you visit individual company websites for the most up-to-date interest rates, terms and conditions of the loan program they offer.
It is the student's responsibility to follow-up with the lender to ensure that they have received all requested documents needed to finalize the loan.
Once the lender has all required information from the student borrower and co-signer (if applicable), the lender notifies the school if the loan is approved.
The Financial Aid Office adds approved loans to the student’s financial aid and notifies the student.
The University of New Haven must have the approved private loan 10 days prior to the due date on the student’s tuition bill.
Most private student loans are disbursed directly to the University and are credited to the student’s account.
If the loan is requested for the full academic year, it will be disbursed in two equal installments, fall and spring.
Note: The university does not receive the actual disbursement of the loan until after the first day of classes for the semester.
As part of the application process you will be required to provide the Self-Certification form to the lending institution you select for the processing of your loan. This form will be provided by your lender however the university is also required to provide you with a copy.