Private student loans are made through private lending institutions not affiliated with the U.S. Department of Education or Wilkes University. They may be an option for students who need more aid beyond their offered awards or students who are enrolled less than half-time or in a non-degree-seeking program.
Many privately financed educational loan programs are available. Each program offers its own terms and conditions. You should review and evaluate them on:
- interest rates
- application fees
- credit evaluation
- deferment options
- repayment plans
- applicability to unique circumstances, such as past due balances, academic progress requirements, program matriculation and citizenship qualifications
In most cases when borrowing a private student loan, a student will need a credit-worthy cosigner. Some lenders also make cosigner options available for parents or other credit-worthy individuals who are borrowing alternative private parent loans for their undergraduate or graduate students.
Please allow two to four weeks processing time once the lender has notified Wilkes University of your eligibility.
ELM Select List
You can review and compare lenders that are on the ELM Select list.
This list is offered for your convenience—Wilkes University does not endorse any of these loan programs, and you’re not limited to those on this list. Lending institutions are solely responsible for posting and updating their information to ELM Select.
It is your responsibility, as the consumer, to assess the advantages and disadvantages of these programs and make your selection based on those features that best meet your financial needs.
The Higher Education Opportunity Act of 2008 mandated a number of significant changes to provide a substantial amount of additional information to families who choose to use private educational loans. The regulations change the disclosure requirements for the Truth in Lending Act for non-Title IV education loans made expressly for postsecondary education expenses.
These regulations went into effect on February 14, 2010, and require all private education loan lenders to produce the following disclosures to borrowers.
The lender must provide a general range of rates and fees so that borrowers can make
informed decisions when choosing a private loan lender.
The Application Disclosure provides general information about interest rates, fees, default or late payment costs, and repayment terms. In addition, it includes an example of the total cost of a loan based on the maximum interest rate offered by a lender, a defined loan amount, and calculations for each payment option.
Loan Approval Disclosure
When an applicant is conditionally approved for a loan, the lender must send this disclosure with borrower-specific rates and fees.
The Approval Disclosure must be provided before the consummation of the loan on (or with) any notice to the applicant that the creditor has approved the consumer’s application for a loan.
The Approval Disclosure provides information specific to the loan being approved by the lender, including detailed information on the interest rate and itemization of fees associated with the loan application (including fees associated with late payments and defaults).Borrowers typically have 30 calendar days to accept the loan terms offered. The borrower can accept the terms of the loan by mail, by phone, or electronically.
This is sent to the borrower after the loan terms are accepted and the school has certified the student’s eligibility for the loan. The final disclosure gives the borrower a right-to-cancel period of three business days.
Private Education Loan Applicant Self-Certification Form
All borrowers are required to complete and submit the Private Education Loan Applicant Self-Certification form to their private lender. The form was created by the Department of Education and will include information about the availability of federal student loans, the student's cost of attendance, estimated amount of financial assistance, and the difference between the student's cost of attendance and estimated financial aid. This form is provided by the lender and also available below.
Private Education Loan Applicant Self-Certification Form (.pdf)