NAU student information for private loans
Another financial aid option to fund your education at Northern Arizona University
If you are considering student loans offered by private lenders such as banks or credit unions, consider the pros and cons carefully before applying. There are important differences between federal and private student loans.
- Interest rates– Interest rates for private student loans are usually higher than those for federal student loans and are generally not fixed.
- Loan fees– Private lenders may charge additional fees such as origination fees, monthly service charges, or late fees.
- Eligibility– In general, private student loans have stricter eligibility requirements. Lenders may require a good credit score and a co-signer. Note: If you are an international student, you will be required to have a credit-worthy United States citizen as a co-signer to obtain a private education loan.
- Loan amounts– The maximum amount you can apply for is your cost of attendance minus any other financial aid you are receiving.
- Repayment plans– Private lenders may not offer repayment plans that are as flexible as those offered for federal student loans, such as income-based or extended payment plans.
- Other differences– Visit Federal Student Aid on the Web for more information on federal versus private loans.
Private education loans are subject to credit approval and may be denied. To increase your chances of getting approved for a private loan, consider having a credit-worthy person cosign for the loan.
NAU does not have a written or implied preferred lender arrangement with any lender and students can choose any lender.
If you need assistance with either the ELM Select or Sparrow loan tools, please meet with one of our advisors.
ELM Select is an online, lender-neutral, platform to display a historical list of lenders that students have used over the past five years. Review information regarding various private lenders on ELM Select.
You can find out more about ELM Select and begin the process by selecting the button below.ELM Select
Looking for private student loans? On Sparrow, you can search and compare real, personalized private student loan rates from over 15+ lenders through a simple, three-minute form. Sparrow provides a suite of analytical tools that make student loan comparison easy, digestible, and visual. Using Sparrow to search for your student loans is free and does not impact your credit score.Sparrow
How to Apply Accordion Closed
If you are considering borrowing through a private lender, we encourage you to:
- Be sure you have exhausted all other possible sources of financial aid, including federal loans first.
- Look for ways to reduce your expenses before you decide how much to borrow.
- Borrow only what you absolutely need.
- Ask questions and compare the rates and terms offered by different lenders.
- Apply directly through the lender of your choice.
- Request for a single-term loan will be certified up to the cost of attendance, less any other awarded financial aid for the term.
When choosing a lender it may be helpful to ask if they are compatible with ELM. ELM is an electronic student loan management system used to expedite loan applications and disbursements. Lenders not compatible with ELM may take additional processing time.
You must apply directly through a lender. You are free to choose any lender you wish. If you choose to borrow from a lender that is compatible with ELM, please visit ELM Select or Sparrow. ELM Select and Sparrow are great tools for undergraduate, graduate, and international students to determine which lender and product is right for them. You can filter by lender, repayment types, index rate, enrollment, and satisfactory progress. You can also compare lenders and their products side by side to determine the best private education loan for you. To get started, please click on the ELM Select or Sparrow buttons above.
NAU does not recommend or promote any of the lenders listed on ELM Select or Sparrow. The list represents lenders who provided private education loans to students at Northern Arizona University. It is up to you to decide which lender to use to obtain your private education loan. If you wish to use another lender that is not listed on ELM Select or Sparrow, you have the right to do so.
Loan Certification Accordion Closed
NAU cannot certify private education loans that overlap multiple academic years or terms. If we receive a request to certify a private loan that overlaps multiple terms and/or academic years, we will place your private loan certification request on hold.
NAU reviews your lender’s required qualifications (SAP, enrollment, etc.) before certifying your loan. You must understand and meet your lender’s requirements.
Disbursement Information Accordion Closed
Here’s how loan disbursement works:
- If your loan is certified for both the fall and spring semesters, the first half of your funds will disburse in the fall semester. The second half will disburse in the spring semester.
- If your loan is certified for a single term, your private education loan will be disbursed in one disbursement.
- Federal regulations require all lenders of private education loans to provide borrowers six business days from the time you receive the Loan Consummation Disclosure Statement to change your mind and cancel your private education loan.
- Your private education loan will disburse within 6-10 business days from the date you receive the Loan Consummation Disclosure Statement. Lenders and schools are prohibited by federal regulations from disbursing funds until the cancellation period has passed.
Graduate Students and Alumni Refi Option Accordion Closed
On Sparrow, you can search and compare real, personalized private student loan rates from over 15+ lenders through a simple, three-minute form. Sparrow provides a suite of analytical tools that make student loan comparison easy, digestible, and visual. Using Sparrow to search for your student loans is free and does not impact your credit score.