Private (“alternative”) loans are credit-based, non-federal educational loans. These loans are typically offered by private lenders to assist with educational and living expenses not covered by other financial aid. In general, you may borrow up to the cost of education minus all other financial aid you receive.
Before considering a private loan, make sure that you have taken advantage of all your federal student loan options.
If you decide to borrow, you will need to choose a lender and complete the application process. Once your application has been approved Dominican University's Office of Financial Aid will be electronically notified and will complete the certification process. We also will provide you with the self-certification form should you request it. Requests can be sent to the Office of Financial Aid at firstname.lastname@example.org.
Your private student loan funds will be disbursed directly into your Dominican University student account to pay tuition and other university expenses. Loans are disbursed in equal amounts for each term that your loan was approved for.
If you are enrolled less than half time in any term, you may not be be eligible for the loan disbursement for that term. Consult your lender for more information on private education loans to part-time students.
Some lenders do offer private education loans to cover past due balances.
For a partial listing of lenders that offer private educational loans, visit this lender information page. This list is not all-inclusive and you may select any lender of your choice.