Private Loan Programs
Private loan programs are available for students in need of help to bridge the gap between school costs and all other funding options. Please make sure you have exhausted your federal student aid funds first, as this is typically the best option for most students.
Private loans are a way to access additional funding through sources such as banks and credit unions. Each lender will have slightly different benefits and eligibility criteria. Indiana Tech certifies private loans from any lender following the U.S. Department of Education’s guidelines.
While we certify private loans through any lender, we have compiled a list of the most accessed loans through a third party resource called ELM Select. Lenders listed on ELM Select offer competitive rates and multiple repayment options, however, these private loans may also require you to obtain a co-signer.
In addition to this, the INvestEd Marketplace allows you to compare multiple lenders and see the actual rates that they will offer you upfront. Although the lenders listed are more limited in size, knowing what rates you actually qualify for gives you a great benchmark when searching out the best private loan for you.
- Indiana Tech encourages students to maximize all Federal aid eligibility, including Federal Stafford Direct Loans, before requesting private student loans.
- Indiana Tech is not affiliated with any private student loan lenders.
- Indiana Tech provides a list of private student loan products without prejudice and for the sole benefit of students and families.
- Private student loan lenders listed on Indiana Tech’s Financial Aid web page are based on high quality servicing of such loans, monitored through student usage of private student loans, which includes feedback related to servicing. Also, the list includes loan products that will meet unique circumstances, such as students still eligible even if not making Satisfactory Academic Process or enrollment below half-time. The lenders are listed as a starting point, not a suggestion of where to borrow from. Please consult the individual lenders for current interest rates and loan fee amounts.
- Indiana Tech will process private loan requests sent to us from any lender, without delay of certification based on lender choice, up to the student’s budget limit (highest amount one can receive for the requested loan period). While we will not refuse to certify any private loan requests, individual lenders have program eligibility requirements that if not met by the student, may not allow us to process the loan request.
- Indiana Tech does not receive any gifts or compensation from any lenders. Gifts include, but are not limited to: gratuity, favors, discounts, entrainment, hospitality, loans, or other items worth more than a negligible amount.
- Indiana Tech does not participate in revenue-sharing or education loan arrangements with any lender.