Money Sign IconPRIVATE EDUCATIONAL LOANS

 

DEFINITION

Utah Valley University does not promote any private student loan lenders or guarantors or their loan products. Utah Valley University does not have a preferred lender list, nor do we have a preferred lender arrangement. Students at Utah Valley University have the right to choose their lender from among those that participate in private education loans.

If a private education loan is necessary, you are strongly encouraged to research and compare several lenders. Each lender may have different interest rates and requirements for repayment. These loans are not awarded on the basis of financial need. Students may qualify for federal student loans or other assistance from the Federal Student Aid programs. The terms and conditions of a federal student loan may be more favorable than the provisions of a private education loan. You can determine their eligibility for these loans by completing the Free Application for Federal Student Aid (FAFSA). Please see our Need to Complete your FAFSA? page.

Private education loans are considered non-need-based aid.

New provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process for applying for and receiving private education loans. Lenders who provide these loans must comply with the following requirements:

Lenders must provide three separate loan disclosures to borrowers--one at the point of application, one when the loan is approved, and one before the loan is disbursed. A waiting period of three to seven business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed. Students must also sign a self-certification form and submit it to the lender before the loan can be disbursed. The lender should provide the student with all of the information needed to know about these requirements. 

How to APPLY

  • To receive a private education loan, you must first complete the FAFSA, or if you do not wish to receive federal student aid, you must upload to the Financial Aid and Scholarships Office a signed personal statement declaring that you do not wish to receive federal student aid awards. One of these options must be complete prior to Utah Valley University certifying your loan.
  • Once you know which lender you want to receive a loan from, complete an application with them and any other required documents that they require. 

Basic ELIGIBILITY

  • You must be admitted to, enrolled in, and be a degree-seeking student at Utah Valley University for your loan to be certified.
  • All lenders have their own eligibility criteria. You may review the eligibility criteria on the lenders website or by contacting them directly.
  • The enrollment status required for a private education loan is determined by the lender except in the case of Global Aviation students.
  • Global Aviation students: Students in the Global Aviation degree program must be enrolled half-time (6 credits) in order to receive their private education loan.

Award INFORMATION

The maximum amount you may have certified per award year in private education loans is your Cost of Attendance minus federal student aid and other estimated financial assistance. 

Loan CERTIFICATION

Once your loan is approved by the lender, the lender will request that the Financial Aid and Scholarships Office certify the loan. Certification confirms for the lender that the loan applicant meets all eligibility requirements.

DISBURSEMENT

Private education loan funds will be disbursed from your lender to Utah Valley University by either electronic funds transfer. There are a few lenders that send the loan disbursement in the form of a check. Loan funding will typically not be sent to Utah Valley University from your lender earlier than ten days prior to the first day of the semester in which your loan is certified. If your lender sends a check and makes it payable to Utah Valley University, your private education loan check will be applied to your student account. All private education loan funds will first pay your outstanding tuition and fees and any other institutional charges. After this balance is paid, and if there is any excess private education loan monies, the Utah Valley University Bursar's Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in your myUVU student account (this is the default method), or through direct deposit (which you may set up in your myUVU student account). If mailed, please allow 3-5 business days for the refund to be processed.

If your lender makes your private education loan check payable to you, you will be notified in your myUVU email by the Bursar's Office when the check is received. You will then go to the Bursar's Office to endorse the check to be applied to any outstanding student account balance. After any balance is paid, and if there is any excess private education loan monies, the Utah Valley University Bursar's Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in your myUVU student account (this is the default method), or through direct deposit (which you may set up in your myUVU student account). If mailed, please allow 3-5 business days for the refund to be processed.

Private education loan refunds are processed daily by the Bursar's Office.

Continued ELIGIBILITY

  • All lenders have their own eligibility criteria. You may review the eligibility criteria on the lenders website or by contacting them directly.
  • You must complete the FAFSA, or if you do not wish to receive federal student aid, you must upload to the Financial Aid and Scholarships Office a signed personal statement declaring that you do not wish to receive federal student aid awards every award year that you wish to receive a private education loan. One of these options must be complete prior to Utah Valley University certifying your loan.

REPAYMENT

Interest percentages and repayment information is different by lender. You are strongly encouraged to research and compare several lenders to find the best option for you.

 

APPLY for Federal Student Aid at fafsa.ed.govLine of Arrows