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Private loans are credit-based loans, applied for through individual banks, lenders and credit unions, that help students "bridge the gap" between the financial aid they have been awarded and any additional amount they feel may be needed to help achieve their educational goals. A student, parent or other individual may be the borrower of a private loan, depending on the design of the loan product. Being approved for a private loan depends largely on the credit score of the borrower (and co-signer). With the continuation of tightened credit markets, the largely held belief is that the majority of students applying for private loans will need co-signers on the application in order to get approved.

Since the loan terms of private products are generally not as favorable as those of federal loans, students are encouraged to exhaust federal student loan eligibility before opting for a private loan. If you have not already done so, file the , so that your eligibility for federal student loans can be assessed.

While rates vary widely and repayment terms generally are not as extensive as those offered on the various federal student loans, using private loans are often a wiser financial decision than using credit cards for additional educational funding. However, it is ultimately the responsibility and choice of the borrower (and co-signer) to make the best personal financial decision.

You have the right to select any lender you wish for a private loan. Many lenders offer attractive terms and conditions which you can find by searching the Internet.

Your lender should provide you with a copy of the required Private Education Loan Self-Certification Form.

Remember to send your completed self-certification form to your lender. Your loan cannot be disbursed until your lender receives it.