Private Loans

Program Overview

Financing the cost of higher education requires careful planning.  Before considering private loan options, be sure you have exhausted your federal and state financial aid opportunities. If your family requires additional financing options, there are a number of choices available. Since each family's financial situation is different, we are not able to recommend one financing plan that will meet every family's needs.

 

Lenders

Immaculata University has developed a private educational loan lender list based on the loan programs used most frequently by our students and their families, and the quality of products and services provided. You are free to choose any lender.  Regardless of your choice, your private educational loan application will be processed in a timely manner. Review the list of lenders, services, and benefits to evaluate which loan might be right for you. 

 

Applying

Borrowers must contact the lender directly to apply.  Students should consider the amount of financing they will need for the entire academic year when applying for loans.

 

Students with little or no credit history greatly improve their chances of being approved when applying with a qualified co-signer.  Also, having a co-signer may result in better loan terms and conditions, such as a lower interest rate.  Note to co-signers: When co-signing a loan, you are responsible for the repayment of the loan if the primary borrower is unable to make satifactory payments.   Some lenders may have co-signer release options.

 

After the loan is approved, the lender will contact Immaculata University to request certification. Before the loan can be disbursed, the borrower must complete the private loan disclosure process, which includes completing the private loan self-certification form and returning it to the lender.

 

The entire private education loan process, from application to disbursement, takes a minimum of 60 days. Borrowers should be aware of the length of this process when considering using the funds to pay their Immaculata University bill.

 

Disclosure Statements

The Private Student Loan Transparency and Improvement Act, as a part of Regulation Z of the Higher Education Opportunity Act (HEOA) requires lenders to provide certain disclosure statements through the Truth in Lending Act (TILA). This allows for borrowers to receive three disclosure statements from the lender, and requires a self-certification from the student between the time of a private educational loan application through the time funds are disbursed to the University. See the complete listing of all the disclosure statements. 

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