What is a Private Loan?

You may wish to consider private loans if you are not eligible for federal student loans and you need additional funds to meet college expenses. Typically, the amount a student may borrow per academic year is determined by the cost of attendance at your school minus other financial aid, or your lender may determine an annual maximum amount.

Because private loans are not guaranteed by the federal government, they must be insured privately. The extra cost of private insurance is passed on to you in the form of higher fees and interest rates. In addition, the lender will review your credit history.

Lenders frequently require a cosigner on private loans, and sometimes the presence of a cosigner may reduce the interest rate of the loan. Contact different lenders to compare private loans and find the one that’s best for you.

Private loans are not for everyone. They are expensive and should be borrowed only when all other resources such as scholarships, grants, work-study, and low-cost federal loans have been exhausted.

What are the eligibility requirements for private loans?
Requirements vary from one lender to the next. Please review the lender list to determine eligibility criteria for specific loan programs.However, lenders commonly require the borrower to be:
  • An undergraduate or graduate student in a degree or certificate program
  • Enrolled at least half time
  • Creditworthy or have a cosigner who meets the lender’s credit requirements
  • A U.S. citizen, permanent resident, or eligible non-citizen

How do I apply?
Choosing a lender is an important decision – one that will affect you for the life of your loan and influence your credit reputation. We recommend you borrow from one of the lenders listed. These lenders have a history of providing quality service to their student loan borrowers.

The Financial Aid Office cannot recommend a lender for you. The chart provided is meant only as a guide on how the loans offered may be used. If you have any questions about your private loan, please contact the lender. Your financial aid counselor can assist you in determining the correct amount to borrow.

You may apply online or you can request an application by calling the lender.

Be a smart consumer!
Always remember that these are loans of last resort. It is important to keep all borrowing within reasonable bounds – never borrow more than you believe you will be able to repay.

Click on the lender logo or web address to research additional information and apply online.
Lender Loan Program FIU Students Eligible School Certification Required? International
Students Eligible?		 Less Than Half- Time Eligible? Use for Study Abroad? Satisfactory Academic Progress Required? Non-Degree Seeking Student Eligible? Use for Past Due Balance?



Wells Fargo
1-800-568-3567
 www.wellsfargo.com/student
 Wells Fargo Collegiate® Loan Undergraduate and graduate students Yes Yes Yes Yes No No Yes
Wells Fargo GraduateSM Loan Graduate students Yes Yes Yes Yes Yes No No
MedCAP® Alternative Loan Undergraduate and graduate health professional students Yes Yes Yes Yes Yes No No
Wells Fargo Education ConnectionSM Loan Undergraduate and graduate students No No Yes Yes No Yes Yes


Wachovia Education Finance
1-800-338-2243
www.wachovia.com
 Wachovia Education LoanSM Undergraduate and graduate students Yes Yes No Yes No No Yes
Continuing Education Loan Undergraduate and graduate students Yes Yes No Yes Yes No No


SunTrust
1-888-889-5191
 www.nelnet.net
SunTrust eMax®
1-800-597-5286
www.suntrust education.com		 Undergraduate and graduate students Optional Yes Yes Yes No Yes Yes
Nelnet Academic Private Loan
1-866-866-7372
www.nelnet.net		 Undergraduate and graduate students Yes Yes No Yes Yes Yes Yes


Edamerica
1-866-842-8045
 www.edamerica.net
 Edamerica Tuition Solution Undergraduate and graduate students Yes Yes No Yes No Yes Yes
Edamerica Tuition Solution Continuing Education Loan Undergraduate and graduate students No Yes Yes Yes No Yes Yes


College Loan Corporation
1-800-2COLLEGE
 www.collegeloan.com		 CLC® Premier Loan Undergraduate and graduate students Yes Yes No No Yes Yes Yes


Citibank
1-800-967-2400
 www.studentloan.com
 CitiAssist® Loan Undergraduate and graduate students Yes Yes Yes Yes No Yes Yes

Bank of America
1-800-344-8382
 www.bankofamerica.com/ studentbanking
 Bank of America Private Loan Undergraduate and graduate students Yes Yes No Yes Yes No Yes


AMS, a Sallie Mae company
1-800-890-7289
 www.amsweb.com
 Signature Student Loan®
 Undergraduate and graduate students Yes Yes No Yes No No Yes
MBA LOANS® Private Loan
1-888-440-4MBA		 Graduate business school students Yes Yes Yes Yes Yes No Yes


Academic Finance Corporation (AFC)
1-561-301-1483
 www.afclending.com
 FOCUS Consumer Education Loan Undergraduate and graduate students No No No Yes No No Yes