Private Loan

Miami University will certify private loans from any lender. Terms, fees, and borrowing limits of private loans differ. Borrowing a private loan is a decision that should be made with careful consideration. When selecting a private loan provider, we recommend that you consider all of the following:

• Which academic levels (graduate vs. undergraduate) are eligible
• The amount of any origination or repayment fee percentage
• The annual borrowing limit
• What financial indicator the interest is based on (e.g., LIBOR, Prime)
• The citizenship level required
• Whether or not there is a cosigner release option available
• How credit worthiness is determined
• Whether or not you need this funding for past due balances to Miami
• The ability to sign your promissory note or other documents electronically
• Whether or not there is a prepayment penalty
• The maximum repayment term
• The minimum number of enrollment hours needed to be eligible
• The number and range of repayment options

Also consider: It's a good idea to apply with a cosigner even if you are approved for the loan on your own. A cosigner may lower the interest rate of the loan since the loan will also be based on your cosigner's credit rating. A lower interest rate will lead to a lower monthly payment, in turn making the overall loan indebtedness less. If you have poor credit history or if you have no credit at all, many banks may require you to get someone to cosign your loan application before they give you the loan.

Helpful Tips

• You may qualify for loans or other assistance under the Federal Title IV programs. The conditions under the Federal Title IV loan programs may be more favorable than those of private education loans.
• You should exhaust all of your Federal Stafford Student Loans eligibility before considering these loans.
• Consider ways to keep your costs down to reduce student loan debt.
• Remember to keep track of your loan debt and the amount you will have to repay when you graduate.
• Determine the total amount of education debt you and your family are willing to accumulate during your entire college enrollment and only borrow what you need.

Private loans are not federally guaranteed and do not require that you file the Free Application for Federal Student Aid (FAFSA). The yearly amount cannot exceed the annual cost of attendance minus other financial aid and resources.

Self-Certification Form

New Federal Regulations require any student who applies for a private loan to complete a self-certification form. Most lenders will provide the self-certification form during the online application process. The form must be completed and submitted to the lender prior to any disbursements being made to your student account at Miami.

You may also download the self-certification form (PDF 196KB), complete it, and submit it with your private loan application to the lender. Your Cost of Attendance (COA) and Estimated Financial Assistance (EFA) information needed to complete the form can be obtained from either your award letter or from BannerWeb.