Summer Term Private Educational Loan
The Summer 2018 term is over. Check back in March 2019 for information for Summer 2019.

Fall and Spring Term Private Educational Loan
Do not apply for Fall 2018/Spring 2019 private education loans earlier than June 2018. If you submit an application prior to June 2018, your credit may expire before the loan can disburse.   

Review the information below to learn about applying for private educational loans during the current term.

Steps Specific to Private/Alternative Loans
  • Research Lenders
  • Choose a lender based on “items to consider”
    • Lender credibility
      • Is the lender credible? What is the lender’s reputation?
    • Credit criteria
      • Many lenders require at least 2 years credit experience and a source of income in order to apply without a co-signer.
    • Interest rates/repayment
      • Is the interest rate variable or fixed? What repayment terms are available?
    • Loan fees
      • When researching options; ask your lender if there are any origination, repayment, or other fees associated with the loan.
    • Borrower benefits
      • Does the lender offer benefits such as a graduation, auto-debit, or on time payment benefits.
    • Average processing time
      • The process can take 6-8 weeks from the date of application to the disbursement of funds.
    • Loan Limits
      • Private loans are similar to federal loans in that the funds certified must stay within the cost of attendance set by the school.
    • Enrollment
      • Some lenders will allow less than half time enrollment.
    • Satisfactory Academic Progress (SAP)
      • Some lenders do not require SAP as a condition of the loan.
  • Complete Private Loan Application with the lender of your choice:
    • NOTE: These loans are not backed by the federal government and therefore may have terms and conditions less favorable than federally funded student and parent loans. All students and parents should first consider and apply for federal student loans before applying for private loans. The information on this site is accurate as of the date the information was collected. Because these are private loans, lenders can change the terms and conditions of these loans without notifying JMU. We suggest you verify this information with any lender on this chart prior to applying for a loan with that company. You may borrow with any lender offering a private education loan, and you are not required to borrow with any of the lenders on this site. JMU does not discriminate against lenders and will certify loans from any private lender provided the student meets the lender’s eligibility requirements.
  • Fill out a Private Loan Self Certification Form: - This form will be provided during the application process, by your lender. If your lender has requested a Self-Certification Form and has not provided one to you, contact your lender or complete the above form and submit it to your lender. You will not receive your loan funds until this step is complete.

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