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Â鶹ӰԺ does not endorse any lender or lending institution. We will process a private education loan from ANY lending institution. To assist you in your search, we do recommend using ELM Select. ELM Select is a private loan selection tool that helps students and parents make a wise choice regarding borrowing a private loan. ELM Select allows you to compare up to five lender rates, terms and benefits at a time.

Â鶹ӰԺ selected the ELM Select lender options for the following reasons:

• History of providing excellent customer service to Â鶹ӰԺ State students
• Competitive interest rates
• Offer multiple loan products and incentive programs
• Parent private loans available
• Extended repayment terms are available
• In-school deferment options
• Six month grace period before repayment
• Fast and easy online application
• Funds are sent via Electronic Funds Transfer

*Not all lenders offer all features

If the funds cause a credit on the student's account, a refund will be issued.

Choosing the correct loan period is important for the processing and disbursement of your private loan request. The loan period tells your lender what term(s) of the school year you are using the private loan. 

Â鶹ӰԺ State's school year has three terms: summer, fall and spring. Only choose a loan period for when you are enrolled in classes or expect to be enrolled. 

Loan Periods for the Academic Year

*If you apply for a summer/fall/spring loan, the loan will be awarded equally between each semester, given that the loan requested fits in each semester's cost of attendance. If summer semester cost of attendance, based on enrollment, is less than fall/spring cost of attendance, the loan will be awarded the maximum cost of attendance for the summer and the remaining loan request will be split evenly between fall and spring.

• Please allow 6-7 weeks for processing, certification and funds to be received.
• Funds will disburse no earlier than 10 days prior to the start of each semester.
• Once the loan has been certified by Â鶹ӰԺ, there is a federally mandated 10 day waiting period before the disbursement can be made. This is a period where disbursements are held in order for you to have a final chance to change your mind and cancel the loan without penalty.
• The Truth in Lending Act (TILA) requires you to complete and submit a self-certification form to all lenders for each individual application. Your lender should provide you with this  (PDF).

• The eligibility for a loan to be canceled or reduced depends on the timing of the request in conjunction with the stage of the private loan. We cannot guarantee that a loan can be canceled or reduced upon request.
• Please contact the Â鶹ӰԺ State support team if you have questions about your loan. To request a change to the original request with your lender, visit our Forms page to complete the Private Loan Change Form.
• Once a loan is reduced or canceled, Â鶹ӰԺ cannot increase or reinstate the loan. You MUST apply for a new loan.

• Individual disbursement dates will be set by each lender in conjunction with Â鶹ӰԺ's disbursement schedule and the completion of all necessary requirements of the borrower.
• Private loan amounts may be reduced by Â鶹ӰԺ to comply with federal regulations. Remember, you cannot exceed your requested loan period's cost of attendance. All financial aid being received to a student's account will be taken into consideration.
• Some private loan lenders require students to be in compliance with the standards of Satisfactory Academic Progress. This means that you must meet the academic progress requirements as outlined by Â鶹ӰԺ. Carefully read your lender's eligibility requirements before you apply.