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Private Loans

Students and parents are strongly encouraged to explore all sources of financial aid funding — federal and state aid programs, university and private scholarship programs — prior to considering private student loans. Please contact the Financial Aid Office to determine your option prior to applying.

Private student loans are designed to help students and their parents bridge the gap between the cost of education and the amount of financial aid already offered (e.g. scholarships, grants and federal loans).

The private loans are different from the federal loans in a number of ways:

  1. The private loans are private loans offered directly by banks and lending institutions. The conditions and terms of these loans my differ from one lender to another.
  2. The private loans are not listed on the financial aid award that students receive from UW Oshkosh. The award lists only federal and state aid that students are eligible for based on their FAFSA application and individual circumstances.
  3. Unlike the federal loans, the private loans are not need-based; hence, they require a credit check and a co-signer (for students under 18 or for applicants with little or no credit history).
  4. Interest begins to accrue at the time of disbursement.

When looking for a private loan, it is important to consider such factor as who will be the borrower (student or sponsor), the interest rate, loan origination fees, repayment terms and repayment options (deferment availability).

Private Loan Lender Information

UW Oshkosh offers a list of  lenders a majority of our students use through FASTChoice, an online comparison tool.

It offers an opportunity for students to learn about alternative loans through its beneficial borrowing essentials tutorial and a side-by-side comparison of selected lenders. These lenders comprise 95% of the private loans our UWO students take.

The list does NOT limit your options. It is available to give students guidance and comparison to a few widely used products. We encourage you to compare interest rates, fees and benefits to identify the most competitive options for your financial needs.

Interest Rate Information (Prime, LIBOR)

Interest rates are stated for each institution in terms of the U.S. Prime rate or the European LIBOR rate.

Please direct specific questions regarding borrowing terms to the lenders’ representatives.

Self Certification

After you apply for a private loan you will need to complete a Master Promissory Note (MPN) and a self certification form with your lender.

The self certification form asks for the cost of attendance, estimated financial assistance and the loan period. All of this information is easily accessible to the student. Please use our guide to assist you in filling in this form.