Information about Private Loans
Fairleigh Dickinson University encourages all students to complete a Free Application for Federal Student Aid (FAFSA) before applying for private loans.
Private loans can help students and parents bridge the gap between the cost of education and other financial aid but private loans:
- Are not guaranteed by the federal government;
- Have varying terms and conditions, depending on the lender;
- May have higher interest rates than federal loans;
- Are dependent on a credit check, so not everyone will be approved; and
- Often require a co-signer.
Students and parents apply for private loans on their own. FDU cannot originate any applications or paperwork. Be Sure to Apply Early!
Since the lender must determine eligibility for the loan, students and parents must apply early to ensure that the loans will be approved by the time the semester’s bill is due.
Some Private Lending Sources
Visit ELMSelect to view a list of Private Lender options.
ELMSelect is a lender comparison tool where students and parents can research the terms and conditions of different lenders. Through ELMSelect, families can choose the loan that best fits their personal financial situation, educational goals and objectives.
Please note that you are not obligated to select any lender on this list and can choose any private lender that fits your needs.
Comparing Loans Using ELMSelect:
- Go to the ELMSelect Website
- Select your program, review disclosure and click view loans.
- For students looking for lenders for the following criteria, click on the three lines to the right of the screen to sort and filter.
- Less than Half Time Enrollment?
- Satisfactory Academic Progress Required?
- Past Due balances Applied?
- You may also view details individually for each lender by clicking on the Lender logo.