A private loan is a last resort and is not recommended. Be sure all other federal loan options have been exhausted before taking out a private loan for school. 

SPC requires that U.S. Citizens and/or permanent residents first complete a FAFSA and apply for a Federal Direct Stafford Loan before applying for private loans. Federal Direct Stafford Loans have lower interest rates and offer borrowers better benefits than private loans. See a Plain Language Disclosure for Direct Subsidized Loans and Direct Unsubsidized Loans.

Students are urged to speak with a Financial Assistance Counselor for guidance when considering their loan options.

Private students loans are not guaranteed by the federal government, require a credit check and often a co-signer. Loan terms and conditions vary significantly by lender. Carefully consider your financial needs and then select the loan product that best meets both your individual situation and your financial need.

When researching private loans, you should pay close attention to the borrower benefits, fees, interest rates and repayment options. To calculate the interest, lenders typically use the LIBOR Rate average, Prime Rate, or the 91-Day T-bill.

Private student loans provide a choice when circumstances necessitate one. Consider a private student loan if:

  • You have reached your Federal Direct Stafford Loan borrowing limit.
  • You have expenses that your financial assistance does not cover.
  • You are enrolled less than half-time.
  • You have a balance due from a previous term.
  • You plan on doing a study-abroad program in a future term and require additional financial assistance.

Apply for a private student loan at SPC

  • Private loan lender list 
    • A neutral, comprehensive list of lenders that have provided loans to SPC within the last 5 or more years
    • These lenders utilize our electronic procedures to speed up the delivery of loan proceeds
    • SPC receives no financial benefits from any of these lenders
    • You may choose a lender other than those listed
    • SPC abides by the St. Petersburg College Student Loan Code of Conduct to avoid any potential conflict of interest
    • International students will require a US Citizen or Permanent Resident to co-sign

To apply for a private student loan:

  1. Research the loans listed on the SPC Private Loan Lender List or choose a lender that best suits your purpose. Consider borrower benefits, interest rates, fees, repayment options and any restrictions. Keep in mind that private student loans require school certification. They are available to students whose Cost of Attendance has not already been met with other aid.
  2. Credit approvals are typically good for only 60 to 90 days. Therefore, do not apply earlier than 45 days prior to the start of the term.
  3. The process can take up to 4 weeks from the time you apply until funds are disbursed to the school.
  4. Use the loan period dates listed on the Private Loan Lender List when completing your application. If you have special circumstances that require you to deviate from these dates, you must first meet with a Financial Assistance Counselor.
  5. If your loan is approved and your lender does not utilize electronic signatures, they will mail you an application/promissory note to complete. Return the completed application/promissory note to your lender; do not mail it to SPC Financial Assistance Services.
  6. Your lender will notify SPC of your credit approved application. After determining your actual loan eligibility, we will certify your loan amount.
  7. You must complete a Private Education Loan Applicant Self-Certification. Use the Loan Period and Cost of Attendance information to complete the self-certification.
    Your Estimated financial assistance for the period of enrollment covered by the loan is the total of your financial aid package, including subsidized and unsubsidized loans, for the time frame of the loan period.
  8. Your loan proceeds will be disbursed to your student account on the scheduled disbursement date. Funds awarded are first applied towards student's tuition and book charges. Any remaining credit balances will be applied to your SPCOneCard starting at the end of the fourth week of your classes.
  9. If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid.