Private Education Loans
A college education is more important than ever before, yet paying for one can be a challenge for many students and their families. Private loans can help you pay for college expenses that may not be covered by federal loan programs or other financial aid. These loans help to close the gap between your financial aid resources and college costs.
Private Lender Search Tool
Do your research! You are not required to use a lender on our search tool.
Net Price Calculator
Lender Comparison Guide
Federal vs Private Student Loans
| Federal Loans | Private Loans | |
| Repayment | Payments not required while you are enrolled at least halftime. | Payments may be required while you are still in school. |
| Interest Rates | Fixed interest rates, often lower than private loans or credit cards. | Interest rates may be variable, are often high (sometimes 18% or more). |
| Subsidization | Some federal loans are subsidized, where the government pays interest while you are enrolled at least halftime. | Private loans are not subsidized. |
| Credit | Credit check not required. | Credit check required. |
| Cosigner | Cosigner not required. | Cosigner may be required. |
| Tax Deduction | Interest may be tax-deductible. | Interest may not be tax-deductible. |
| Payment Options | Forbearance and deferment options available for eligible borrowers. | Forbearance and deferment options may not be available. |
| Repayment Plans | Multiple repayment plans, including options to tie your monthly payment to your income. | Repayment options vary. |
| Penalty Fees | No prepayment penalty fee. | Check if your private loan has prepayment penalty fees. |
| Loan Forgiveness | Loan forgiveness often available for public service workers. | Loan forgiveness for private loans is rare. |
| Assistance | Free help at studentaid.gov and at 1-800-4-FED-AID | Assistance may be available from the Consumer Financial Protection Bureau’s private student loan ombudsman at consumerfinance.gov. |
What You Need
By law, you must provide a self-certification form to your private lender. You will need the following:
- Cost of Attendance for enrollment period covered by the loan
- Any Estimated Financial Assistance for the period of enrollment covered by the loan
- The difference between the COA and EFA
To find your COA and EFC: Log onto myWSU and selecting Main Menu > Self Service > Campus Finances > View Financial Aid and select the proper school year.
What to Expect
The law requires lender to provide student borrowers with three specific disclosure forms:
- Application disclosure: Provides general information about the range of rates, fees and other terms that apply; includes information on federal loan options.
- Approval disclosure: Presented when a lender is prepared to make an approved or conditionally-approved offer; states the acceptance date deadline (of at least 30 days) and describes how the borrower may accept the terms of the loan; with few exceptions, prohibits lenders from changing the terms of the loan during the acceptance period.
- Final disclosure: Presented to the borrower once the loan has been accepted and 10 business days before the loan can be disbursed; must clearly provide a borrower’s Right to Cancel Notice and state both the cancellation deadline and the acceptable method of cancellation.
Private Education Loans FAQ
Loan periods must match WSU’s regular academic terms. Depending on your enrollment and need for a private education loan, you may apply for either both or one of the semesters in a single application. Summer term is always applied for as a separate loan.
WSU 2025-26 Academic Terms
| Term | Start | End |
|---|---|---|
| Academic Year (Fall & Spring) | August 18, 2025 | May 8, 2026 |
| Fall Only | August 18, 2025 | December 12, 2025 |
| Spring Only | January 12, 2026 | May 8, 2026 |
| Summer Only | May 11, 2026 | July 31, 2026 |
WSU 2025-26 Academic Terms (Med Students)
| Term | Start | End |
|---|---|---|
| Academic Year (Fall, Winter & Spring) | August 18, 2025 | June 26, 2026 |
| Fall Only | August 18, 2025 | November 28, 2025 |
| Winter Only | December 1, 2025 | March 20, 2026 |
| Spring Only | March 23, 2026 | June 26, 2026 |
| Summer Only | June 29, 2026 | August 21, 2026 |
Yes.
Private loan amounts can vary widely. Private loans cannot be certified for amounts higher than your Cost of Attendance.
You must be certain there is sufficient room in your aid budget to allow for an additional loan. For some students this may mean cancelling any federal loans you do not intend to take out such as subsidized or unsubsidized loans. WSU will only reduce unaccepted Parent PLUS and Grad PLUS loans to make room for a private education loan.
Interest rates, terms, conditions and benefits will vary between lenders.
Private loans may carry higher interest rates and fees than federal loans and offer less attractive repayment terms. These loans are typically based on your credit rating and debt-to-income ratio (not financial need) and may require a co-signer.
No.
Private Education loans are based on credit, not financial need, and are independent of the FAFSA process. You may utilize private education loans or alternative loans without a FAFSA on file.
However, we encourage you to apply for and accept any federal or state financial aid you qualify for before pursuing a private loan. You can use our Net Price Calculator to estimate your available financial aid and remaining educational costs prior to filling out a FAFSA or WASFA. This can give you a good idea of whether or not you may need a private loan.
The process for obtaining a private loan varies between lenders. Here a few tips to ensure a smooth transaction:
- You can check myWSU to determine eligibility. Compare the amount of Total Assistance listed against your Cost of Attendance. If your Total Assistance is less than your Cost of Attendance, you have eligibility that can be made up in the form of a private loan.
- Students may also contact Student Financial Services to determine their eligibility for additional private loan funding.
- Students may apply for a private loan through the lender of their choice. Student must be the primary borrower on the loan, although many lenders may require a co-borrower.
- Once the credit check for the student and co-signer (if applicable) is approved, the lender will send a request for certification to our office. Student Financial Services will certify the private loan for an amount no more than the unmet cost of attendance.