Private Loans

All staff members of the Office of Financial Aid & Scholarships at Cal Poly Pomona adhere to The California State University Student Lending – Code of Conduct (pdf), which restricts activity that may lead to conflicts of interest in the area of student lending.

For students who are eligible for federal student aid, think FAFSA first!

Private loans are nonfederal education loans, made by a lender such as a bank or a credit union. These loans are typically borrowed by students who are not eligible or do not qualify for federal loans or who have exhausted their federal loan, or Dream Loan, eligibility.

Approval of a private loan is typically based on your credit rating and debt-to-income ratio and may require a co-signer.   Private loans often carry higher interest rates and fees than federal loans, and may have less attractive repayment terms. The interest rates are variable, meaning they can change on a monthly basis, and are determined by the information in your credit report.

If you have exhausted all sources of federal funding and decide to borrow a private loan, compare lenders to ensure you are making the best choice for you.

If you are considering a Private Loan, review the following information from FinAid.org:

Truth in Lending requirements:

The Truth in Lending Act requires lenders who provide private loans to comply with the following requirements:

  • Lenders must provide three separate loan disclosures to borrowers--one at the point of application, one when the loan is approved, and one before the loan is disbursed.
  • A waiting period of three business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed.
  • Students must also sign a Self-Certification Form(pdf) and submit it to the lender before the loan can be disbursed.

Your lender should provide you with all of the information you need to know about these requirements, but if you have questions, feel free to contact our office.

Private Education Loan Self-Certification (with your Lender):

  1. Your lender should provide you with a copy of the required Private Education Loan Self-Certification Form(pdf).
  2. To complete your Private Education Loan Self-Certification Form(pdf), you will need to know your cost of attendance and estimated financial assistance. If you receive financial aid, this information can be found on your Financial Aid Summary in Bronco Direct; otherwise, refer to the Estimated Total Costs pages on our website.
  3. Once you have submitted the Self-Certification Form to your lender, make sure to keep a copy for your records.  

Applying for a Private Loan at Cal Poly Pomona:

You should exhaust all of your Federal, State, and Cal Poly Pomona Financial Aid eligibility prior to borrowing from a private student loan.

Before you start to search for private loan lenders, you should explore your eligibility for free or lower-cost federal, state, and Cal Poly Pomona financial aid – including the Federal Direct PLUS Loan (for Graduate Students or Parents of Undergraduate Students). Be sure to review the instructions for completing the FAFSA and the DREAM Application.

Once you have decided to borrow a private student loan, it is your responsibility to find a lender, contact them and apply for the loan accordingly.  Your eligibility for a private loan will be based on your cost of attendance minus any other financial aid you are receiving.  Your loan funds will be scheduled for disbursement 10 days before school starts for the semester that you are attending; the actual disbursement date will depend upon when Cal Poly Pomona receives the funds from your lender. 

To apply for a Private Education Loan at Cal Poly Pomona, complete the following steps:

  1. Apply for a private education loan directly with the lender of your choice. The Loan Periods for the 2019/2020 academic year are as follows:
    1. Fall/Spring – Aug. 22, 2019 through May 15, 2020
    2. Fall only - 22, 2019 through Dec. 15, 2019
    3. Spring only – Jan. 18, 2020 through May 15, 2020
  2. Once the loan is credit-approved, submit the 2019 - 2020 Private Loan Request form to Cal Poly Pomona’s Office of Financial Aid & Scholarship.
  3. Your Private Loan Request will be reviewed to determine your eligibility. You must meet all of the following:
    1. You must have been credit-approved by a private loan lender.
    2. Your anticipated enrollment (reported on the Loan Request) must meet the minimum number of units required by your lender.
    3. If required by your lender, you must be meeting the Cal Poly Pomona Satisfactory Academic Progress (SAP) standards for Financial Aid Recipients.