OU Title IV Institutional Code: 003184

Private Education Loan Information

OU Financial Aid Services encourages students to pursue all available types of scholarships and financial aid, including grants, federal loans, and employment, before borrowing a private loan.

Visit the following websites for more information about these programs:

• General financial aid information for OU students - financialaid.ou.edu - includes a link to the FAFSA (Free Application for Federal Student Aid).
• OU Freshman Scholarship - go2.ou.edu - includes link to application when available.
• OU Scholarship Search - scholarships.ou.edu - also includes links to additional searches.
• The Smart Student Guide to Financial Aid - finaid.org - search private loans for consumer information about private loans.
• Graduate and Law Students – READ all the information below. Also check out the OU Graduate and Law websites for additional funding opportunities before applying for a loan.

A private loan is an educational loan to help pay for the cost of attending college. A private loan is a loan which is repaid with interest.

Please review the basic information listed below about private loans. A private education loan is borrowed from a bank (lender). Market conditions affect the availability and eligibility for private loans.

• Who Can Borrow a Private Loan? ...More
  • A student is normally the borrower of a private education loan for college.
  • Undergraduate students are advised to pursue all forms of scholarships and financial aid (including student federal loans, the Parent PLUS Loan or OU Institutional Loans) before considering a private loan.
  • Graduate and Law students should consider borrowing from the federal aid programs, including the Graduate PLUS Loan, (FAFSA required) before considering a private loan.



• Eligibility Requirements ...More
  • A school certified private loan can help fund the gap when the financial aid package (including loans and work-study) is not enough to cover the cost of attendance.
  • Non-school certified private loans are limited in availability.
  • The lender determines the eligibility requirements for a private loan such as, admission status, financial aid Satisfactory Academic Progress status, enrollment, etc. Each lender’s standards can vary.



• Interest Rates and Loan Limits ...More
  • May borrow up to the schools certified Cost of Attendance minus any other aid received.
  • Interest rates may be fixed or variable.
  • Most loans have fees (which may also reduce the amount disbursed).
  • Interest accrues while in school, usually beginning with the first disbursement.
  • May require early payments.
  • Review each lender’s website for details.



• Credit Criteria for Private Loans ...More
  • Eligibility usually based on your credit score.
  • May require a credit-worthy co-signer or endorser.
  • Credit decisions may be valid for a set time frame, ex. up to 60-180 days.



• Private Loan Application - Recommended Deadlines ...More
  
  Apply by the following recommended application deadlines for priority processing at OU for funds to be available when classes start. Applications received after these deadlines are processed on a non-priority basis.
  
  

  Semester	Recommended Deadlines
  Fall 2012 - Spring 2013	06/01/2012
  Fall 2012 only	06/01/2012
  Spring 2013 only	11/01/2012

  
  Note: If you will be attending OU and borrowing for both the fall and spring semesters, apply for the Fall-Spring loan period. Summer information normally becomes available in oZONE and Ask the Sooners by March for the following summer. The summer deadline is April 1 (FAS summer application and all summer documents including the private loan application received in OU FAS).



• How to Apply for a Private Loan ...More
  • Apply for federal, state and college aid programs first.
  • Review the consumer information at finaid.org.
  • Go to Ask the Sooners and type Private Loans in the search for a list of lenders OU students have used OR review the lists at finaid.org.
  • Review the lender information carefully.
  • Contact the lender if any questions before you apply.
  • Complete all necessary information requested by the lender, including the application, promissory notes, self certification forms, cosigner forms, etc.



• Application Process at OU ...More
  • Processing at OU normally takes up to 4-8 weeks after the completed loan application is received.
  • Check the status of your private loan application in oZONE using the Missing Information link.
  • Estimate processing time from the date received.



• Disbursement Information ...More
  • A private loan is disbursed through the OU Office of the Bursar.
  • Disbursement occurs at the start of the semester (schedule above) if the loan application has been approved, processed, and funds have been received at OU.
  • Private loans may be sent to OU either electronically or by paper check.
  • Federal law requires a 3 day holding period of the loan by the lender before the check is sent to OU. This allows you the opportunity to cancel if you no longer need the loan.
  • Late charges accrue at the Office of the Bursar if your account is not paid by the required tuition due dates (September 21 for fall and February 21 for spring terms).
  • Plan ahead and apply by the recommended deadline dates to avoid late charges.



• Repayment Information ...More
  • Repayment of private loans varies by lender.
  • Review the repayment information and options before deciding which private loan to pursue.
  • The lender must disclose complete information before you borrow.
  • Keep your contact information current with your lender at all times.
  • Contact your lender if you have any questions about your private loan.

Type Private Loans in the Ask the Sooners search for more information, including a list of lenders.