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Private Educational Loan Processing

How A Private Educational Loan Is Processed

Each lender may have unique steps necessary for you to secure a loan.  For the most part you will need to choose a lender and complete their application process. Online applications are normally faster and easier to complete than the paper process and for this reason our office recommends you choose the online application process when applying.  The lender will access and review your credit report (and your cosigner’s if applicable) before they agree to approve you for a loan.

Students may borrow up to the amount of their cost of attendance minus other financial aid awarded.  Student Financial Services will be notified by the lender of all approved loans.  At the time of certification our office will verify that you meet all eligibility requirements.  Our office will make a final assessment of your eligibility before disbursing funds to your student account.  You will be notified via email to your student LOOP email account once the funds are disbursed.  You have 14 days to notify our office to cancel disbursed funds.

New Requirements for Private Educational Loan Borrowers

In August 2008, President Bush signed the Higher Education Opportunity Act (HEOA) into law.  Title X of HEOA – the Private Student Loan Transparency and Improvement Act – contains requirements that will improve the information provided to borrowers concerning private educational loans, reinforce the availability of federal loan options and encourage borrowers to consult with their Financial Aid Office prior to making a private educational loan commitment.  All lenders offering private educational loans must comply with these federally mandated regulations.

In addition to the online loan application, private lenders are required to provide the borrower with a Private Education Loan Applicant Self-Certification Form.  This form was developed by the federal government to provide private loan applicants detailed information regarding the cost of their private loan, federal loan availability and encourage borrowers to discuss their aid options with their Financial Aid Office.

All Private Educational Loan borrowers are required by federal regulations to complete a Private Education Loan Applicant Self-Certification Form provided by their lender that includes:

The borrower must then sign the completed Self-Certification Form and return it to their Private Lender.

Private Educational Loan Processing Agreement

While private educational loan programs have grown in popularity in recent years, we encourage students and their families to explore their eligibility for all federal loan programs before using this resource.  In most cases, private educational loans frequently have higher interest rates and origination fees than federal educational loans, making them more costly and difficult to obtain.

In order to increase protection for our student private educational loan borrowers, all students utilizing private educational loan funds that do not have a current year Student Aid Report (SAR) on file with Columbia College Chicago will need to complete and submit this online form to our office so we may document your financing intentions.

Please visit the Forms and Applications page of the SFS Resource Center to complete the online CCC Private Educational Loan Processing Agreement.