Private Loan Information
OU Financial Aid Services encourages students to pursue all available types of financial aid including scholarships, federal grants and loans, and employment before borrowing a private loan.
Visit the following websites for more information about these programs:
- OU Freshman Scholarship - go2.ou.edu - includes link to application when available.
- OU Scholarship Search - scholarships.ou.edu - also includes links to additional searches.
- The Smart Student Guide to Financial Aid - finaid.org - search private loans for consumer information about loans.
- Graduate and Law Students – READ all the information below. Also check out the OU Graduate and Law websites for additional funding opportunities before applying for a loan.
Please review the basic information listed below about private loans. A private education loan is borrowed
from a bank (lender).
NOTE: We recognize and abide by the College Loan Code of Conduct.
Private Loan Application - Recommended Deadlines
Apply by the following recommended application deadlines for priority processing at OU for funds to be available when classes start. Applications received after these deadlines are processed on a non-priority basis.
Note: If you will be attending OU and borrowing for both the fall and spring semesters, apply for the Fall-Spring loan period. Summer information normally becomes available in oZONE and Ask the Sooners by March for the following summer. The summer deadline is April 1 (FAS summer application must be on file).
Private Loan Eligibility
- Undergraduate, graduate and law students whose Cost of Attendance (COA) has not been met by other aid.
- Each private loan program has different eligibility requirements such as admit status, hours of enrollment, Satisfactory Academic Progress status, etc. Confirm your eligibility before applying.
- Some private loan lenders allow you to borrow to cover a past-due balance from a prior term (up to the COA for that term). Some require current enrollment and some do not. Confirm your eligibility with your lender before applying.
- Private loan approval is based on your credit score. The majority of students require a credit-worthy co-signer to be approved.
Interest Rates and Loan Limits
- Interest Rates and Fees
- Interest rates vary by lender.
- Most lenders offer both a fixed and a variable rate.
- Some lenders charge fees such as origination fees and disbursement fees.
- Interest accrues while you are in school, generally after the first disbursement is made.
Application Process at OU
- Review our lender list at ELM Select.
Visit the lenders’ websites or contact them directly if you have questions before you apply.
- We receive a certification request from your lender after they have approved your loan application and you have submitted to them all required loan documentation (promissory note, self-certification form, co-signer form, disclosure form, etc.).
- It can take from 1 to 6 weeks, depending on the time of year, for OU to certify your private loan. Apply early.
- You can check the status of your private loan by visiting ozone.ou.edu.
- Private loan disbursements can take up to two weeks, from the date of school certification, to disburse to your Bursar account. This is due to general lender processing time as well as a 3-day, federally-mandated, Right-to-Cancel period.
- Private loan funds are applied directly to your Bursar account. The Bursar will issue you a refund if your private loan more-than-covers your outstanding balance.
- Repayment options vary among lenders. Carefully review your repayment options when applying.
- Some lenders offer private loan consolidation loans which offer the convenience of making payments to only one entity. If the interest rate on the consolidation loan is higher than your existing loans, though, it may not be worth it. Shop around.
- Keep your contact information current with your lender(s) to avoid missing payments and defaulting on your loan(s).