Private loans are education loans that are not funded by the federal government. Watch this video for a quick primer on how private loans work.
We understand that meeting the cost of your education can be a major concern. We first encourage you to complete a FAFSA to determine your eligibility for federal, state, and institutional aid. If your awards are lower than your COA, you may want to consider a private education loan.
If you are considering student loans offered by private lenders such as banks or credit unions, please discuss the pros and cons with your family before applying. Remember, there are important differences between federal and private student loans:
Private education loans are subject to credit approval and may be denied. To increase your chances of getting approved for a private loan, consider having a credit worthy person cosign for the loan.
Please note: It will take approximately 21 to 28 business days from the time ASU receives your private education loan certification request from the lender, until the private education loan funds are actually disbursed into your student account.
If you are considering borrowing through a private lender, we encourage you to:
When choosing a lender it may be helpful to ask if they are compatible with ELM. ELM is an electronic student loan management system used to expedite loan applications and disbursements. Lenders not compatible with ELM may take additional processing time. See Arizona State University’s Loan Code of Conduct.
You must apply directly through a lender. You are free to choose any lender you wish. If you choose to borrow from a lender that is compatible with ELM, please visit ELM Select. ELM Select is a great tool for undergraduate, graduate and international students to determine which lender and product is right for them. You can filter by lender, repayment types, index rate, enrollment and satisfactory progress. You can also compare lenders and their products side by side to determine the best private education loan for you. To get started, please click on the button below.
ASU does not recommend or promote any of the lenders listed on ELM Select. The list represents lenders who provided private education loans to students at Arizona State University. It is up to you to decide which lender to use to obtain your private education loan. If you wish to use another lender that is not listed on ELM Select, you have the right to do so.
ASU cannot certify private education loans that overlap multiple academic years or terms. If we receive a request to certify a private loan that overlaps multiple terms and/or academic years, we will place your private loan certification request on hold.
Certifiable Terms are:
ASU cannot certify a private education loan received after the end of a term for more than the past due amount and only if the past due amount does not exceed the cost of attendance. If you owe for multiple terms and/or academic years, you may need to apply for more than one private education loan.
Here's how loan disbursement works.