Private Education Loans

It is important that you pursue your best borrowing option. If you meet the eligibility requirements, the federal student loan programs are almost always a better option than a private education loan. Private loans are usually more expensive than federal loans, so you and your family should consider obtaining a private loan only after exhausting your federal loan eligibility, including Federal Direct Loans (Subsidized and Unsubsidized) and Federal PLUS Loans. Learn more information about the two options at the Federal Versus Private Loans website. You can also learn about the maximum amounts of federal aid that you may be eligible to receive by visiting the Federal Loans page.

Application Steps for a Private Education Loan

1. Choose your lender
2. Complete the lender’s application process
3. Receive funds from the lender

To assist you in completing the self-certification form, cost of attendance (COA) estimates can be found on the Office of Financial Aid Estimated Costs of Attendance page. Your personal COA can be found by logging into Galaxy. From Galaxy, you can locate COA information by clicking Orion, then Self-Service, and then Campus Finances. Finally, click View Financial Aid, select the aid year for the COA that you would like to view and then click the Cost of Attendance Summary link. You may also contact the Office of Financial Aid for assistance in determining your COA.

Why We Are Providing This Information

Because many students and families are unsure of where to begin searching for a legitimate private education loan lender, the Office of Financial Aid compiles an annual list of private education loan lenders. The loans are presented using FASTChoice – an online tool designed to help you compare a few of your lender options side by side. Remember that you may choose any lender, even if the lender does not appear on our lender list.

Each lender that appears on this list is required to provide important disclosure information to UT Dallas, prospective students and their families. This important information can be accessed through FASTChoice. If you are unable to access this important information, our office can provide you with an electronic or printed copy. Please contact a member of the loans team by telephone at (972) 883-2941 or by email at [email protected].

Unless otherwise stated, none of the lenders on this list are affiliated with one another.

Method and Criteria

Each year, UT Dallas asks private education loan lenders to provide an overview of their loan products for consideration on our lender list. Each lender responds to the same survey that is created by the Office of Financial Aid. The survey requests information about each lender’s practices in the following areas:

• Borrower Benefits or Incentives.
• Borrower Eligibility to receive loan funds.
• Loan Interest Rates.
• Loan Repayment Terms.
• Loan Servicing.
• Loan Processing Systems.
• Lender History.

Each lender response is reviewed by a committee with regard to the areas listed above.

Why Each Lender Was Chosen

Each loan lender listed must meet all of the following criteria:

• No origination or other fees, deducted from the loan proceeds.
• All loan products with a minimum interest rate that does not exceed 3.75% as of the time that the lender list is published for the year.
• Availability of deferment and forbearance options to aid borrowers who experience financial difficulty during loan repayment.
• Availability of a “Borrower Services Center” that a borrower can contact to receive timely information about his or her private loans.
• Ability to conduct the loan application, school certification, and funds disbursement processes electronically to reduce the time it takes for the borrower to receive funding.

Lender List