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Federal Stafford Loans |
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Parent Loan for Undergraduate Students (PLUS) |
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Private/Alternative Loans |
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Other Loan Information |
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| Private/Alternative Loan Process |
How Do I Get a Private Student Loan?
- Research the loans listed on our SPC’s recommended lender or choose a lender that best suits your purpose. Consider interest rates, loan fees, repayment terms and any restrictions. Keep in mind that private student loans that require school certification are available to students whose cost of attendance has not already been met with other aid.
- Apply for the loan keeping in mind that credit approvals are good for only 60 to 90 days. Therefore, do not apply earlier than 45 days prior to the start of the semester.
- When asked to designate the loan period, check the loan period dates listed on our web site at the top of our SPC’s recommended lender list to be sure the dates you enter conform to SPC’s loan periods. If you have special circumstances that require you to deviate from these dates, meet with a financial assistance counselor to discuss how to proceed.
- Your lender will send us an electronic certification to complete. We will complete the certification and return it electronically to your lender.
- If approved and your lender does not provide electronic signatures, they will mail you an application/promissory note to complete. Return the completed application/note to your lender; do not mail it to Financial Assistance Services.
The Electronic Process: What to Expect
Loans that require school certification go through our electronic certification process. The lenders on our recommended list have been successful in using SPC’s electronic process.
The process can take up to 4 weeks from the time you apply until receipt of funds, unless you apply more than three weeks before the term has started.
- Your lender will notify us electronically of your preliminary eligibility for the loan.
- After determining your actual eligibility, we will send your lender an electronic certification.
- Your lender will send your loan proceeds to us electronically.
How Do I Receive My Loan Funds?
Your loan proceeds will be disbursed to your SPC student account on the scheduled disbursement date. Your outstanding charges, if any, will automatically be deducted before the balance is sent to your SPC One Card.
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