Self Certification
Your lender will require you to submit a “Self Certification” regarding your understanding of your rights and responsibilities as a borrower. You’ll need to know the cost of attendance and your award status to complete this requirement.
Private Loans
When Should You Apply for Private Loans?
It is highly recommended that you complete the Free Application for Federal Student Aid (FAFSA) and apply for any student financial aid for which you are eligible for. Private loans should only be considered after state and federal sources of financial aid have been utilized.
Before Considering Private Loans
Rutgers University offers reasonable no interest tuition payment plans. Before choosing a private educational loan, please consider whether a payment plan fits your financing needs.
Direct PLUS Loans are available to parents of dependent students and Graduate PLUS loans are available to graduate students. As part of the William D. Ford Federal Direct Loan Program, no bank or lender other than the federal government is needed to receive Direct PLUS Loans. As such, Direct PLUS Loans are not subject to commercial market conditions.
In some instances, a co-signer may be required to apply for a loan. You are also encouraged to review and compare all rates, terms, and conditions prior to finalizing your lending program decision.
Only after exhausting all other forms of aid should you consider a private loan.
Questions To Ask Loan Servicers
- Are there fees charged on the loan? If so, at what percent.
- How often is interest capitalized? Does the capitalization change upon entering repayment?
- Are there borrower benefits associated with the program? If so, what are they.
- How often is a statement provided summarizing loan balances, interest accrual and the expected monthly payment?
- How accessible are loan representatives via the phone?
- What are your hours of operation?
- How long has the company been offering educational loans?
- How can payments be made? i.e.,US mail, phone, with or without a fee, online?
- Does the program offer insurance on the loans?
How to Apply for Private Loans
Private loans can be used to fund educational programs up to the cost of attendance for a specific academic year of enrollment. These loans typically supplement an award package that includes federal loans and/or scholarships, but in some instances where federal loans cannot be awarded, private loans are used as the only source of funding.
If you are a student at Rutgers Health, once you are approved by your selected lender, you must notify the Office of Financial Aid in writing. Include the name of the loan program selected, your name, university ID number, and the academic year the loan has been applied for.
Your private loan will be added to your award package and certified for disbursement once all supporting documents are received.
Rutgers reviews the lender requirements before they are permitted to be listed on the ELM private loans list. All lenders have to agree to allow Rutgers to certify the loans and their interest rates must be competitive. They must agree to participate with ELM and they must offer death forgiveness. There must be no prepayment penalty. Lenders serving international students do not have to meet these requirements for international applicants. Although these lenders are reflected in the ELM system, students and parents are free to choose any lender willing to make a loan to them.