Private Loans

Click here to view the FAU Financial Aid Guide.

The Basics - Private Loans Processed at FAU!


When applying for an private loan, the lender will ask that you supply them with the loan period (also called period of enrollment) you are requesting the loan for. Below is a list of valid FAU loan periods. The loan period you specify should be ONE of these:

Enrollment Period Dates
FALL 2015 and SPRING 2016 8/17/15 - 5/6/16
FALL 2015 ONLY 8/17/15 - 12/11/15
SPRING 2016 ONLY 1/11/16 - 5/6/16
SUMMER 2016 ONLY 5/16/16 - 8/9/16
FALL 2014 and SPRING 2015 8/18/14 - 5/1/15
FALL 2014 ONLY 8/18/14 - 12/12/14
SPRING 2015 ONLY 1/5/15 - 5/1/15
SUMMER 2015 ONLY 5/11/15 - 8/4/15

In order to process a private student loan, Florida Atlantic University will need information regarding your planned enrollment and housing status for the loan period you have specified. FAU will normally obtain this information from your Student Aid Report, which is created after you file a Free Application for Federal Student Aid (FAFSA). If you are requesting to be processed for a private student loan and do NOT have a Student Aid Report on file with Florida Atlantic University for the loan period you are requesting, you MUST submit a Statement of Planned Enrollment and Housing for Alternative Loan Processing (number 4 under Loan section).

  1. Before you start to search for private loan lenders, you should explore your eligibility for Federal Financial Aid. FAU's priority deadline is March 1st each year for federal aid eligibility. If you qualify for Federal Financial Aid, you should have exhausted your Federal Financial Aid eligibility prior borrowing from private loan products. Remember that private loans usually carry high, variable interest rates, with very limited borrower benefits when compared with federal loans.
  2. You can utilize well-known Internet search engines to find reputable private loan lenders. You can also utilize web sites that list private loan lenders such as You should research consumer reports regarding the lenders and their products prior applying for their private loan product.
  3. You can inquire financial institutions such as banks or credit unions about their student private loan products.
  4. Depending on the lenders, they may charge you fees to originate the private loan for you. Remember to compare several products from different lenders to ensure that you receive the best private loan product with a favorable interest rate that suits your need.

The enactment of the new regulation (Title X - Private Student Loan Transparency and Improvement Act of 2008), gives the borrower a three days of recession period. During the recession period the borrower can cancel the loan and the lender cannot disburse the loan fund. The recession period starts when the lender finalizes the loan processing and puts the loan status in ready for disbursement status.

In some cases, private student loans are disbursed to FAU as paper checks. The paper checks will be made co-payable to FAU and the student. The student will need to endorse and return the paper check to FAU. Upon the receipt of the endorsed paper check, FAU will process it thru the disbursement process.

 Last Modified 12/9/15