Financial Aid & Scholarship Department
Division of Student Affairs
Title IV Federal School Code: 001153

Private Education Loans

Private Education Loans are credit-based consumer loan for the sole purpose of covering education costs. These types of loans tend to cost more than the education loans offered by the federal government, but are less expensive than credit card debt. Federal Stafford loans (Subsidized and Unsubsidized) offer fixed interest rates that are lower than the variable rates offered by most Private Education Loans. Federal Stafford loans also offer better repayment and forgiveness options. Since Federal Stafford loans are less expensive and offer better terms than private student loans, you should exhaust your eligibility for Federal Stafford loans before resorting to private student loans. Before considering Private Education Loans , be sure to read Information About Federal Stafford Loans.

To find out more about Private Education Loans, go to http://www.finaid.org/loans/privateloan.phtml. This website provides detailed information about Private Education loans and Private Education Loan Lenders.

A private education loan may be right for you if:


Applying for Private Education Loans

It is the student’s responsibility to research Private Education Loans resources, select a lender, and apply for Private Education Loan(s) via the selected lender’s process. Once you select your lender and your application is processed, your lender will send the Financial Aid & Scholarship Department a “request for certification” of your enrollment and Cost of Attendance.

Please Note:
  1. You must be enrolled for the loan period listed on the request for certification in-order for us to be able to certify your Private Education Loan(s).
  2. It may take up to two-weeks, from the time we receive the request for certification, for us certify the Private Education Loan(s).
  3. You should plan on paying for your courses by your assigned due date if your Private Education Loan(s) have not been posted to your Portal

Additional Important Information:

If you have already filed your Free Application for Federal Student Aid (FAFSA) AND you have been awarded financial aid, we will complete the Certification Request and determine the amount of loan you are eligible for. The amount we certify may not match what you originally requested because a student’s aid package cannot exceed the Cost of Attendance.

If you have filed your FAFSA, but have not completed your financial aid file (check your “To Do List” on the myNorthridge Portal), we will NOT complete the Certification Request until you have submitted the required documents to the Financial Aid & Scholarship Department.

Although it is not a requirement to apply for financial aid before applying for Private Education Loans , we encourage you to do so by completing the Free Application for Federal Student Aid (FAFSA). It is to your benefit to be considered for state and federal aid (this includes federal student loans) prior to applying for Private Education Loans . Federal loans have low interest rates and do not require credit checks or collateral. Additionally they provide a variety of deferment options and extended repayment terms. Read additional information on Federal Loans at http://www.csun.edu/finaid/loans.html.

Loan Periods for Private Education Loan Applications


     
ACADEMIC YEAR 2011-2012 LOAN PERIOD(S)
  Spring 2012 1/23/12 – 5/19/12
  Fall 2011 & Spring 2012 8/29/11 - 5/19/12

Private Education Loan Periods cannot cross over Academic Years.
Summer is a stand-alone term and cannot be included in the loan period for any other term for a Private Education Loan.

For Example:
Your loan period CANNOT be 5/25/11 to 12/15/11. This loan period encompasses summer of the 2010-2011 Academic Year and fall of the 2011-2012 Academic Year. This error could delay the processing of your Private Education Loan. You would need to do two separate Private Education Loans to cover the two different enrollment periods.

Disbursing Private Education Loans

Your lender will mail your Private Education Loans check to the Financial Aid & Scholarship Department. The Financial Aid & Scholarship Department will notify you via email once the check has been received by the University and is ready to be picked up. All checks are picked up in Bayramian Hall, Room 100R. Private Education Loans checks are released according to the financial aid disbursement calendar.

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