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Northwest Missouri State University


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.

Similarities to Federal Loans:

  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.

Differences from Federal Loans:

  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 your convenience we are providing a list of all of the lenders that Northwest Missouri State University students used for private loans within the past year. You may choose lenders not listed here. We do not endorse any lender over another. Before choosing a lender, we urge you to compare the interest rates, repayment terms, and co-borrower requirements. For your financial protection, we discourage using lenders who make direct to consumer loans. We encourage you to stay with the same lender for all of your non-federal loans if possible.

Please be aware that due to increased consumer protection requirements, you should allow a minimum of 3-4 weeks processing time for these loans.

Northwest Missouri State University nor any of it's employees receive any type of remuneration from any lender.

Lender List

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

  1. Log on to the appropriate website 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, date and send to your lender.
  3. The lender notifies our Financial Aid Office when they have received your signed promissory note and at that time the loan will be certified for the appropriate eligible amount.
  4. Three to seven (depending on the lender) days after the lender receives your self certification form and Northwest Missouri State University certification, they electronically release funds to Northwest and funds are credited to your account on the next regularly scheduled posting date.

Note: Northwest adheres to the following Code of Conduct View PDF to govern its relationships with private lenders in the student loan industry.