Private Loans
Private student loans (also called alternative loans) should only be considered after first applying for federal student aid, using the Free Application for Federal Student Aid (FAFSA). Private loans are offered by private lenders and eligibility depends on a credit score. You will apply for a private student loan directly through a lender.
When to Apply
A private loan may be a good option if you have a gap between your financial aid and the cost to attend, your parents will not borrow (or have been denied) a Federal Parent PLUS Loan, you're ineligible for a federal loan, you're an international student, or you owe a balance from a previous semester.
To allow time for processing and avoid late fees on the bill, apply before the recommended times below, based on which semester(s) you'll be enrolled.
Private loan covers August through May. Apply no later than July.
Private loan covers August through December. Apply no later than July.
Private loan covers January through May. Apply no later than December.
Private loan covers May through August. Apply no later than April.
Know How Much You Need
There are two steps to take in order to know how much you'll need to borrow.
- Review your financial aid in by navigating to the Financial Aid card and clicking View Financial Aid.
- Compare your financial aid offer to your estimated cost to attend for the year. Private loans cannot exceed your cost of attendance. To see cost, navigate to the Financial Aid card and click More Items at the bottom of the card, then click Estimated Expenses.
You'll need to apply for a private loan each year you want to receive it.
Find a Private Loan Lender
Explore private lender options:
After you find a lender and apply, work with your lender to complete and process any forms. You can find your personal financial aid info in .
Private Loans & the Bill
The amount of time it takes for a private loan to process varies and will depend on your lender. Typically, most lenders require a waiting period once the loan is finalized before it will disburse. From the time you apply for a private loan to the time it applies toward your bill can take a few weeks. The process will be quicker if you work closely with your lender to ensure all your application documents are complete.
What's the status of my private loan?
Once you're approved, here's what happens next:
- CU Boulder Certifies the Loan
- Once the lender approves your private loan, they will send the loan details to the Office of Financial Aid. Our office will certify the loan by confirming your enrollment and loan amount.
- We will send you an email asking for confirmation of your private loan details. If we have not sent this, then we have not yet received a request from your lender.
- Once a private loan is confirmed, our office will typically receive the private loan funds within 10-12 business days of the confirmation date. Due to the , bank lenders may not disburse funds for 10-12 business days in order to notify the borrower of their ability to rescind the loan.
- The Loan Applies to the Bill
- The earliest the funds can apply to the university bill is the Monday before class begins.
- To avoid late fees, the private loan must apply to the bill by the first bill due date of each semester. We cannot waive late fees if the loan doesn't disburse by the bill due date.
Borrower Rights
- Lenders must provide a disclosure form during the application process, loan approval, and after the loan has been finalized. Disclosures provide the details of your loan.
- Know Your Rights! Read the fine print, check minimum/maximum annual loan limits, compare interest rates, check for deferred interest and/or principal while enrolled in school.
Reduce, Cancel or Adjust Loan Amount
- If you have not received email confirmation from us that we got the private loan from your lender, please work with your lender to reduce or cancel the loan.
- If we already confirmed your loan, you will need to complete a Loan Reduction or Cancellation form and submit to the Office of Financial Aid.
- If you receive additional aid after your private loan is confirmed, our office may need to adjust the amount of your private loan. We'll notify you if your loan needs adjusted.
Tips
The FAFSA isn't required in order to apply for a private loan, but we'd recommend completing it, as you may be eligible for different aid under better terms.
FastChoice shows lenders CU Boulder students have used in the past, but you may also search on your own for an institution you're comfortable with. Please be cautious and make sure your lender is reputable.
Some lenders may require you to meet Satisfactory Academic Progress to be eligible for a private loan, while others may require that you be enrolled at least half-time. Be sure to review your loan terms ahead of time!