Direct-to-Student Private Student Loan

Free College Scholarships

A Direct to student loan is a flexible supplement to your student aid package to help cover nearly any expenses not met by your existing aid package. Loan proceeds are typically sent to the student - without school certification.

Whether this is your first year in college or your last, you are bound to have "surprise" expenses that you did not factor into your educational cost planning. Student computers, software, books, and last-minute tuition hikes — Direct to Student Non-Certified Private Student Loans Offer: easy private student loan application process, flexible repayment options, and competitive interest rates. We hope to help you achieve your college education goals with our private student loans.

Please Note: At the current time we are unable to provide you with a non-certified private student loan. Compare our private student loans or review information on certified private loans.

Apply with a qualified cosigner

Most private student loans require you to have a cosigner. In some cases the cosigner can be released from the loan after a certain amount of on-time payments. If the cosigner is not released, they will remain on the loan until it is paid in full.

Private Student Loan Benefits

  • Six-month grace period while you find a job
  • Generous repayment terms
  • Students may be eligible for a 0.25% interest rate reduction by signing up for Direct Debit when they begin paying on the loan
  • Rates are variable, and can be based off the Prime rate, or the LIBOR rate plus a margin for credit 1
  • Borrow up to the annual cost of attendance minus financial aid received
  • Defer payments until after graduation2

Private Student Loan Eligibility

  • Must be enrolled at least half-time at an eligible school
  • Must be a U.S. citizen or permanent resident or have a cosigner who is
  • Applicant must be the legal age of majority or at least 18 years of age with a cosigner who is legal age of majority*
  • Many borrowers will need a cosigner. Some loans require a cosigner in order to apply. Typically, you and your cosigner must both pass a credit check in order to be approved for a private student loan

Frequently Asked Questions About Private Student Loans in General

What is a private student loan?

Unlike Federal Student Loans, private student loans are specialized student loans based on your credit history and should be considered after all federal loans, grants and scholarships have been exhausted. Most lenders allow cosigners to be added to the application, which in some cases may provide a better interest rate. Cosigners may also be mandatory depending on the loan.

What can private student loans be used for?

Private student loans can be used for education-related expenses including such things as tuition, books, transportation, supplies, lab fees, housing costs, and room and board.

Who can apply for a private student loan?

The student must apply for the loan. Since many students do not have established credit history, they may need a creditworthy cosigner to increase the chances of getting the loan.

Are there application deadlines?

No. One of the benefits of a private student loan is that you may apply at any time.

What is the application process?

You will need to submit your application online. Once you determine the amount you want to borrow, you will need your Social Security Number, driver’s license, cosigner information, and two additional references ready. You and your cosigner’s credit will be checked.

Are there any fees?

Based on your credit history, and based on the lender that you apply through, there may be fees associated with origination, disbursement or repayment.

What are the interest rates?

Interest rates will be based on you and your cosigner's credit history and are generally based on either the Prime or LIBOR indices, plus a margin for borrower credit..

Is the interest tax deductible?

Interest on student loans may be tax deductible. Please consult your tax advisor or visit for more information.

How soon will I receive my funds?

Private student loan funds are usually disbursed within 14 days of receiving all necessary paperwork.

Who offers private student loans?

Banks, private lenders and other financial institutions offer private student loans.

How long are repayment terms for private student loans in general?

Repayment terms typically range from 15-25 years.

Are there any deferment options?

You can typically choose to begin repaying your loan immediately, make interest only payments while you are in school, or defer all of your payments while you are in school. Any interest you defer will be capitalized (added to your balance) when you begin making your loan payments.

What should I look for in a private student loan?

Interest rates and fees can vary significantly between lenders. Many lenders also offer borrower benefits that can reduce the principal or interest on a private student loan. Be sure to look carefully at the terms and conditions when applying for a loan.

* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old).

1 LIBOR stands for London Interbank Offered Rate. The one-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes.

The Prime rate is a "reference or base rate" that banks use to set the price or interest rate on many of their commercial loans and some of their consumer loan products. The prime rate tracks fairly closely with other short-term interest rates, such as the overnight federal funds rate. Your variable interest rate and Annual Percentage rate (APR) may be higher depending your credit history and will increase or decrease if the Prime rate changes.

2 Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.