When Can I Use a Private Loan?
Students can use a private loan at any time they see fit based on their financial situation. Private loans are typically recommended for students who have exhausted all other Federal Financial Aid options (or are unable to use Federal Financial Aid) and have tuition charges left to cover. For example, a private loan would be a good option for students have met their aggregate federal loan limits but still have courses left to take to earn their degree.
Private loans may also be an option for students who have lost regular Federal Loan Eligibility by moving to a Satisfactory Academic Probation (SAP) status. You are encouraged to complete your FAFSA application so we can determine if you have any federal financial aid eligibility remaining before applying for a Private Loan.
Non-Federal Loan Options
If you have become ineligible for Financial Aid and do not have alternative funding (cash pay, employer reimbursement, military benefits, etc.), you may want to consider the option of a non-federal loan, also known as a Private Loan.
A private education loan is a non-federal loan that can help cover college costs. Unlike federal loans, private loans have varying interest rates and repayment terms, so it’s important to compare offers carefully. To explore private loan options, consider using ELM Select’s comparison tool and searching for Colorado State University Global.
CSU Global cannot recommend any one private loan lender over another. If you are not sure of your loan options it is recommended to start by reviewing the comparison tool and researching options with your local bank or credit union.