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Northwest Missouri State University

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Private Education Loans

These are Non-Federal loans. They are educational loans with many similarities to unsubsidized federal loans. Before you apply for a Private loan, we urge you to utilize all Federal loan eligibility first. Please borrow only what you really NEED to cover your educational expenses.

Such as:

  1. Cost of attendance and other financial aid resources must be considered when certifying eligibility for these loans. Even though the lender may approve your loan for higher amounts, we are required to limit the amount borrowed to the cost of attendance used for federal aid purposes.
  2. Many have the same academic progress requirements as the federal loans.
  3. No payment on principle is required until six months after you graduate or drop below half-time attendance.
  4. Interest begins to be charged at the time of disbursement. We urge you to pay the interest monthly or quarterly to keep your costs as low as possible.

Some differences are:

  1. All of these loans require a credit check. Most offer different interest rates based on the borrower (co-borrower) credit worthiness.
  2. Interest rates are variable. Most are adjusted quarterly with no cap. (Generally higher than Federal loan rates)
  3. These loans cannot be consolidated with your direct loan for repayment and will require a separate payment to the lender.
  4. These loans may be available to international students who have a credit worthy co-borrower who is a U.S. citizen or eligible non-citizen.

For more information, view the Private Loan Comparison Chart online or pick up a copy of the chart at the Financial Aid office. You may choose lenders not listed here but processing times may be slightly longer. This information is provided as a convenience for you. We do not endorse any lender over another. Before selecting the lender, please use the comparison chart to assist you in making your selection. You also may apply by clicking on the live link provided on the comparison chart.

The lenders listed have been selected based on the rates and benefits offered, their history of customer service, and their willingness to process their loans electronically. All lenders listed have agreed to a Lender Code of Conduct. Northwest has made an effort to screen out lenders who make direct to consumer loans to protect our students. Northwest Missouri State Universtiy nor it's employees received any type of remuneration from any lender for being placed on our recommended list.

For more information and a side by side comparison of lenders use SimpleTuition.

We urge you to research the terms offered before choosing a lender. We also encourage you to stay with the same lender for all of your non-federal loans.

After you choose a lender, follow the steps below to complete the loan process:

  1. Log on to the appropriate Web site or call the appropriate toll-free number and complete a pre- approval application. Be prepared with all information necessary to complete the loan application.
  2. After receiving credit approval, print the application/promissory note, sign and date.
  3. The lender notifies our Financial Aid office of the pre-approval at the same time they send the promissory note to you, and we certify the appropriate eligibility.
  4. As soon as the lender receives your properly signed promissory note, they electronically release funds to Northwest and funds are credited to our account on the next regularly scheduled posting date.