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:
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.
To find out which loan is right for you, try the online private loan comparison tool, FastChoice. FASTChoice provides a list of preferred lenders based on low interest rates, no origination fees, timely processing, total loan volume, and electronic funds transfer capabilities.
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.
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.