Private Education Loans

Parent or student borrowers can obtain Private Education Loans from various financial institutions. Private education loans are not guaranteed by the federal government. We suggest exploring your federal loan options, as they may have more favorable terms and conditions before applying for a Private Education Loan.

Items to consider:

  • Most students need a creditworthy cosigner to be approved for a private loan.
  • The strength of the borrower’s and/or co-signer’s credit background will determine the interest rate.
  • Interest rates may be variable or fixed.
  • Some lenders offer Private Education Loans in a parent or sponsor’s name as opposed to the student’s name (see options at the bottom of this page).
  • The maximum amount that can be borrowed is the Cost of Attendance minus all other financial aid/loans.
  • The period of repayment varies by lender, and typically ranges from five to fifteen years.
  • Many lenders will require a monthly payment while the student is in school (e.g. interest only payments or $50 per month)

How to Apply

The application process varies from lender to lender. Once you choose a lender, you should apply directly through their site. Make sure you understand the eligibility criteria, interest rate, fees, and repayment terms before you select a lender.

Once you receive final approval from your lender, they will send a request within 2-3 business days to Fordham to certify the student’s eligibility. Fordham will typically respond to this request within 3 - 5 business days. At that point, your lender will provide the anticipated date(s) of disbursement of your loan. It's imperative to start this process well in advance of a bill due date.

We will post your loan amount equally across the number of semesters within the loan period you choose. For example, a loan period of August to May will include two disbursements. Half of the loan will disburse towards your fall bill and the other half will disburse towards your spring bill. A loan period of August to December will include only one disbursement towards your fall bill.

Suggested Lenders

We suggest using ELM Select as a research tool to help compare lenders. The lenders displayed on ELM Select and listed below have been carefully vetted and used by Fordham students in the past. You are not limited to these lenders and you may choose any lender you wish.

The lenders below provide options for students seeking to borrow a loan in their parent’s name, who are trying to resolve balances from prior semesters, or who have been denied credit based loans.

  • Funding U
    The Funding U approval criteria is driven primarily by academic standing as opposed to credit background. Here are some details on the eligibility criteria:

    • Full-time Enrollment Required
    • The amount of the loan can range from $3,000 - $15,000
    • No cosigner required
    • GPA Requirements by student level
      • First-year students: must have had a 3.5 GPA in high school
      • Sophomores: 3.0 cumulative GPA
      • Juniors: 2.75 cumulative GPA
      • Seniors: 2.5 cumulative GPA
Private Education Loan Disclosures

Fordham University staff is available to discuss loan options if students are seeking to decide between a Federal Direct Loan or a private education loan. Contact the financial aid office to speak with a counselor and discuss your options.

Upon request, Fordham University will provide the self-certification form for private education loans required under Sec. 128(e)(3) of the Truth in Lending Act (15 U.S.C. 1638(e)(3) and the information required to complete the form, to the extent that Fordham University possesses the information.