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.  (You will need to submit a copy of your Self-Certification form to our office in order for us to process your private loan.)

Applying for a Private Loan at Cal Poly Pomona:

It is not a requirement to apply for federal or state financial aid before applying for a private education loan but we encourage you to do so by completing the FAFSA (or DREAM application, if applicable).  It is to your benefit to be considered for state and federal aid prior to applying for outside loans.

Please carefully review the following three scenarios and complete the corresponding steps on the scenario that applies to you:

  1. If you decide that you will not complete a FAFSA, and you have applied for a Private Educational Loan, the following two (2) items must be submitted to our office before we are able to certify your loan request:
    • A signed statement confirming that you will not be completing the FAFSA (or DREAM Application, if applicable), and that you understand that State and Federal Student Aid (including Federal Student Loans) may have more favorable terms than private loans.
    • A copy of the signed Private Education Loan Application Self-Certification Form(pdf)
  1. If you have completed a FAFSA, and were awarded Federal Loans but are not interested in accepting them, the following three (3) items must be submitted to our office before we are able to certify your loan request:
    • Submit the Information Update Form requesting your Federal Loans be cancelled.
    • A signed statement confirming that you understand that State and Federal Student Aid (including Federal Student Loans) may have more favorable terms than private loans.
    • A copy of the signed Private Education Loan Application Self-Certification Form(pdf)
  1. If you have accepted your Federal Loans but still have a need for additional funding the following will need to be submitted to our office: