Applying For a Student Private Loan

STOP!! Before applying for a student private loan, make sure you have accepted a federal financial aid package and exhausted all federal aid options first! Contact the Office of Undergraduate Admissions and Student Aid to determine if you have any remaining federal financial eligibility. Information on Federal loans can be found at the links to the left.

Private loans do not offer the same benefits as federal financial aid, and are subject to higher interest rates. For these reasons, a private loan should be your last resort.

 If you are considering applying for a student private loan, make sure that you have considered the following:

• Be aware of the rates and terms that apply to the loan before signing a Master Promissory Note.
• Ask your lender about the benefits of using a co-borrower. In many cases, your interest rate will be lower.
• Do not borrow more than you need!
• Know what your monthly repayment amount will be and determine if you will realistically be able to afford it. Click here to use a loan repayment calculator.

After exhausting loan opportunities available from the federal aid programs, many students will consider student private loan programs as an additional source of funding.  Louisiana State University maintains a list of student private loan lenders that we believe offer competitive loan terms and easy loan processing.

Lender Selection Method

Our suggested lenders were selected via a competitive Request for Information (RFI) process.  Our RFI was sent to numerous lenders.  Any lender providing private student loan programs was eligible to submit a proposal.

Lender Selection Criteria

When reviewing submitted proposals, we considered the following factors. These factors were evaluated:

• Competitive rates and fees
• Borrower benefits

We believe the lenders selected have a history of demonstrating their commitment to offering students and families the best private loan options.

Private loan application and certification process at LSU:

Once you submit your application and Master Promissory Note on-line with your selected lender, you will be directed to complete a self-certification form before the lender electronically notifies LSU of your request to borrow a private loan. The self-certification form can be completed electronically with your lender; however some lenders may not have this option available to you. Click here to obtain the self-certification form. The Office of Undergraduate Admissions and Student Aid verify that you are meeting eligibility requirements for the loan applied for. Also, the loan amount you request must be within your Cost of Attendance. You may borrow up to your Cost of Attendance less other aid received.

The Office of Undergraduate Admissions and Student Aid submit an electronic certification to your lender. Your loan will be reduced if you applied for an amount that exceeds your Cost of Attendance. You should allow approximately 5-7 working days for certification to be completed.

LSU is committed to educating our families and students on loan products and services available. We take pride in knowing that we’ve selected lenders based on specific criteria that will ensure students and families get quality loan products and customer service that meet their needs. We have reviewed the current LSU Lender Partner List for Student Private Loans and feel that our Lender Partners continue to provide products and services in the best interest of our students. You are not required to borrow from any of the lenders on the list:  you may choose any lender. Based on regulations, we are required to review information for any lender that expresses an interest to become a part of this Lender Partner List for Student Private Loans, and we will do so on a case-by-case basis.

Click here to access LSU's Lender Partner List for Student Private Loans.