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How to Apply for a Private Loan

Apply online, or by phone, directly with your lender of choice. Most lenders prefer you apply online in order to expedite required loan disclosure information, and ultimately disbursement of funds. If you used FASTChoice to find a lender, links to most lender websites are provided.

If you are not using FASTChoice to apply, make sure you are applying for the lender's private loan program. Do not apply for a Federal Stafford Loan-this is a sister program to the Federal Direct Loan Program used at UMD. UMD students cannot borrow from the Federal Stafford Loan Program because they are borrowing from the Federal Direct Loan Program.

Indicate the University of Minnesota Duluth as the school you will attend when you apply. Our federal school code is 002388, branch code 00.

Do not apply to more than one loan program at the same time unless you qualify for and intend to borrow the total amount you apply for.

If you apply to more than one loan program, the University will process your loan applications in the order they are received for school certification until you run out of eligibility.

Follow your lender's instructions for completing the application process. Application processes vary by lender and are subject to change. In most cases, the lender will pre-approve your application online or by phone and then request an eSignature from you (and from your co-signer, if one was required), or request that you complete and mail in a paper loan application.

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Last modified on 07/21/10 01:27 PM
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