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You have indicated that you have not yet applied for a private loan. In order to receive a private loan, you will need to:

  1. Research lenders based on your situation (less than half-time status, past due balance, not meeting SAP etc.)
  2. Apply for a private loan through a lender of your choice.
  3. Notify our office by completing the CFAO Private Loan Review Form

Below you can find information on the Private Loan Certification Process and links to learning more about using private loans at Northwestern.

Private Loan Overview

A number of private outside agencies offer students alternative sources for financing their education. Unlike federal loans, the terms of private loans are set by the individual lenders. The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of your co-signer.

The Preferred Lender list is a starting point for you to begin your research. Ultimately, the lender you choose will depend on what your unique needs. You are encouraged to investigate the lending options available to you and compare lenders.

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How do I apply for a private loan?

You can apply with any lender of your choice.

If you are not familiar with the lender options available, visit our Private Loans page which outlines what to consider before applying for a private loan, the certification process at Northwestern and our Preferred Lender List.  

Private Loan Certification Process

The certification of private loans can take 2 to 3 weeks to finalize depending on the completion of the steps below. We recommend that students apply for a private loan at least 1 month prior to the start of their given term.
  1. Complete the Application steps for your program (if applicable)
  2. Research lenders based on your situation (past due balance, below-half-time enrollment, last semester in school, etc.)
  3. Once you select a lender, discuss your specific eligibility with your chosen lender before applying to ensure that you qualify for funding and disbursement
  4. When you have an approved loan, notify our office by completing the Private Loan Certification form.
  5. Our office will work with you to finalize your financial aid offer letter up to your cost of attendance.
    1. This means that we can only certify your private loan up to the cost of your attendance based on enrollment and other aid accepted.
  6. Private loan certifications take 2 to 3 weeks to finalize. Once your loan has been certified, you will receive a confirmation email.

How do I notify the Chicago Financial Aid Office that I have a private loan?

You can notify our office by completing the CFAO Private Loan Review Form again this time filling in the details of your approved loan, how you plan on using the loan and enrollment plans

What happens after I submit the form?

The certification of private loans can take 2 to 3 weeks to finalize depending on the completion of the Private Loan Certification process. We recommend that you apply for a private loan at least 1 month prior to the start of the term you want to use the private loan.