Home / Cost & Aid / Financial Aid / Loans / Private Loans Private Loans Private loans are offered by banks or other financial institutions to help cover remaining educational costs. These loans typically have variable interest rates and fewer repayment options compared to federal loans. It is recommended that students complete a FAFSA to see their Federal Direct Loan options before making a decision about additional borrowing. If you have exhausted all federal, state and institutional financial aid and you still need additional funding, you may wish to pursue a private loan. You may apply for any amount up to the cost of education, as determined by the Financial Aid Office, minus any other aid (including federal loans) that you are receiving. You will want to compare several lenders to find the best private loan to meet your needs. Application Process All student borrowers will have a credit review completed by their lender. You have the option to select the lender you would like to use. If your application is denied, you may be able to apply with a creditworthy co-signer. There is a federal 10 day right to rescind the loan, which can cause delay in the release of the loan funds, so apply early. View the Recommended Lender List A list of lenders is provided along with their website link to review their benefits, terms and conditions of their private loan option(s). Before selecting a lender, be certain that you are eligible for the loan. After selecting a lender, click on the “Apply Now” link. Apply with ONLY one lender. If you have previously borrowed, contact your lender directly to apply. Recommended lender list Follow Lender Instructions The lender will instruct how to apply for your private (non-federal) loan and will complete an instant credit check, regardless of whether you have previously borrowed. Request a Loan Amount Request a loan amount for the full amount needed for the entire academic year or for a specific term (i.e. Fall, Spring, or Summer). The school certified amount cannot exceed the cost of attendance. Submit School Code Apply with the correct school code – 002274, so your lender can forward a Certification Request to the Financial Aid Office. The Financial Aid Office typically receives completed requests from lenders within 48-72 hours. Once a Certification Request is received, our office will review the request and award eligible funds. If the loan amount requested cannot be awarded in full, our office will contact the student with more information. Cost & Aid Cost of Attendance Tuition & Fees Estimated Cost Net Price Calculator Financial Aid Types of Aid Apply for Aid Scholarships Loans Federal Direct Loans Private Loans Forms Refunds Keeping Financial Aid Contact Financial Aid Tuition Programs Community College Guarantee Michigan Reconnect Jackson College Advantage Connect With My Future Billing & Payment Payment Due Dates Payment Options Student Finance Account 1098-T FAQ Contact the Business Office