Private loans are available from private lenders and offer additional financial assistance to you if you have exhausted all other sources of funding for your education. These programs are meant to supplement federal and state aid when the Cost of Attendance (COA) is not fully covered by these programs.
There is a comprehensive list of private loan lenders and additional information regarding private loans on the FinAid website. Valuable information about the private loan process and interest rate calculations is provided and should be read carefully. The Student Financial Aid Office will process the private loan requested by the student; however, the SFAO will not certify private loans for an amount that exceeds the cost of attendance minus other financial aid or that require funding or financial guarantees by the university. New Truth in Lending Act (TILA) regulations include additional processing steps and require a ten-day waiting period after the disclosures have been completed before the loan can be disbursed. Assuming all applications have been properly submitted and approved by the lender, students should anticipate a three-week turnaround from the point the loan was submitted until disbursement posts to his/her MyNIU Campus Finances Page.