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Private Loans

Private loans are credit-based loans made by banks, credit unions and other financial institutions.  A private loan can be considered after exhausting all federal aid options, if the student is not eligible for federal aid (international), for covering tuition for a certificate program, and/or as a supplement to the federal loan options when those have been exhausted.  Students and parents should carefully compare interest rates, fees, loan terms, repayment options, and borrower benefits offered by each lender before making a selection. The maximum amount that a student may borrow in a private loan is the cost of attendance minus all financial aid received.

Be prepared - Know your Score - Students need to know their credit score, and we recommend using .  Students can access their free credit report each year, as well as additional useful information pertaining to establishing and maintaining good credit.

Consider a co-signer - We recommend that students apply for a private loan with a credit-worthy co-signer. A co-signer assumes responsibility for a loan should the borrower fail to repay. Having a co-signer on the loan often results in a lower interest rate and reduced fees.

Submitting the application - You will apply directly through the lender of your choosing.  Be sure to respond quickly to any requests for additional information needed from the lender to avoid delays. There will be self-certification and disclosure statements that require your attention throughout the process.  Responding and completing those timely is also necessary in avoiding processing and disbursement delays. You will need to supply the lender with your desired loan term period. You should use a loan period that aligns with your intended enrollment period that you wish to use the loan. Common loan periods include:  Fall Only (August - December), Fall/Spring (August - May), Spring Only (January - May), Summer (May - August), and Fall/Spring/Summer (August - August and mainly for online students).

School Certification - Once you have been approved by your lender, the Financial Aid Office receives a certification request.  Please allow a minimum of 2 weeks for the certification process to be complete. If you are using a lender that does not utilize an electronic certification process, you will need to contact us at aid@wm.edu to inform us of your lender information and desired process for certification of your loan.  We will certify the loan for the approved amount, or the financial aid cost of attendance, whichever is less. We cannot certify a private loan above the published cost of attendance for your program of study, or for periods of non-enrollment.

*If you have been awarded federal loans in your financial aid package, you will need to accept or decline your loan offers before W&M can certify your private loan.

Lender Information

To assist students and parents who wish to consider borrowing a private loan, we provide a historical listing of lenders that W&M students have used during the past five years. You may wish to use a lender that does not appear on this list, and you are welcome to do so. Our office will certify a private loan from any lender that the student chooses. Please allow at least four weeks for your private loan to be processed.  Click on the ELMSelect link below to begin your search.