Private Student Loans

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If you apply for financial aid, you will likely need to borrow federal and or private student loans as part of your financial aid package. We strongly encourage students to exhaust all federal loan eligibility before borrowing a private student loan as federal loans generally have better terms and conditions. Below is some general information about each type of loan. To learn more, visit our Student Loans page. 

  • Federal student loans are made by the government, with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans.
  • Private student loans are non-federal loans, made by a lender such as a bank, credit union, state agency, or a school. These are credit-based loans and the applicant and cosigner will be required to complete a credit application. Private loans cannot be consolidated with federal loans. If you elect to borrow a private student loan, the Financial Aid & Scholarships Office is able to certify the loan up to your Cost of Attendance minus any other aid you have received.

Before Applying for Private Student Loans

Determine Eligibility for Federal, State and Institutional Aid

Complete the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal, state, and institutional aid. Review your Student Aid Report (SAR) and respond promptly to any requests for additional information from the Financial Aid & Scholarships Office. We strongly encourage students and families to learn about the differences in Federal vs. Private student loans in order to make an informed decision.

Eligible undocumented students who do not meet the basic eligibility criteria for federal student aid, but who qualify for Colorado ASSET (Advancing Students for a Stronger Economy Tomorrow) are encouraged to complete the Colorado Application for State Financial Aid (CASFA) to determine your eligibility for aid through the State of Colorado.

Research and Apply for Scholarships

Scholarships are gifts, and in most instances, do not have to be repaid. Visit our Scholarships page for information on applying for scholarships through CU Denver.  

Determine How Much To Borrow

We strongly encourage you to exhaust all federal, state, and institutional aid sources before applying for a private student loan. Students and families may learn more about the differences in Federal vs. Private student loans in order to make an informed decision.

Ready to choose a lender and apply for private loans?

Students may apply for private or alternative loan programs through their preferred lenders. Private loans will not be certified for more than the student’s cost of attendance minus other financial resources that the student is receiving. Further, students are subject to the criteria as determined by the individual lender.

It is recommended for students to apply for federal aid before applying for private or alternative loans to be informed on all available educational financing options. Other restrictions or requirements may apply in order for a private or alternative loan to be disbursed. Students are encouraged contact Financial Aid & Scholarships Office for more information regarding the requirements to obtain a private educational loan.

You may review and compare lender offerings using these links:

Students walking on campus

Ready to Apply?

Have you already selected a lender and are now ready to apply for your private student loan?

Choosing a Lender

Top 10 Things to Consider When Evaluating a Lender

  1. Does the lender offer a fixed or variable interest rate?
  2. Are there any fees associated with the loan?
  3. Can I get a better interest rate by applying with a cosigner?
  4. Does the lender offer a cosigner release option?
  5. Can I reach a live representative during hours convenient for me?
  6. What is the lender’s rating with the Better Business Bureau?
  7. When am I required to start making payments?
  8. What are the repayment plans for the loan?
  9. What options are available if I have trouble making payments?
  10. Is there a penalty for paying the loan off early?

Credit Check

Students and cosigner must meet the lender’s established minimum credit criteria. Lenders may consider a number of factors when determining loan eligibility such as credit-worthiness and debt-to-income ratio. Students and cosigners are encouraged to obtain a free copy of their credit report annually from AnnualCreditReport.com.

Satisfactory Academic Progress (SAP)

Some private lenders require that students meet the Satisfactory Academic Progress (SAP) Standards to be eligible for a private loan. The purpose of SAP is to ensure academic success and graduation. Students who do not meet the SAP standards may not be eligible for their private loan. To learn more, review our SAP Policies:

What’s Next?

Applying for Private Loans

Students may apply for private or alternative loan programs through their preferred lenders. Private loans will not be certified for more than the student’s cost of attendance minus other financial resources that the student is receiving. Additionally, private loans certification requests may not be completed until a student is registered for courses in the term. Further, students are subject to the criteria as determined by the individual lender.

It is recommended for students to apply for federal aid before applying for private or alternative loans t be informed on all available educational financing options. Other restrictions or requirements may apply in order for a private or alternative loan to be disbursed. Students are encouraged contact Financial Aid & Scholarships Office for more information regarding the requirements to obtain a private educational loan.

Use school code 004508.

Use the Loan Term Dates listed below to apply for the appropriate loan period.

You may review and compare lender offerings using these links:

Loan Period Dates

fall and spring illustration

Fall & Spring

August 1 - May 30

fall illustration

Fall Only

August 1 - December 20

spring illustration

Spring Only

January 15 - May 20

summer illustration

Summer Only

June 1 - July 30

Borrower Rights

The Higher Education Opportunity Act of 2008 (HEOA) added section 128(e)(3) to the Truth in Lending Act (TILA) which requires private loan lenders to obtain a completed and signed Self-Certification Form from the applicant. In addition, the private loan lender must provide disclosures to borrowers at different stages of the application process. Please contact us for a copy of the Self-Certification Form if your lender does not provide one.

Know Your Rights! Read and understand your rights and responsibilities before you borrow a loan.

Applying for a Loan to Pay a Prior Term (Past Due) Balance

Certain private loan lenders offer loans to cover a past due balance from a prior term or academic year. Many lenders will allow you to apply up to 6 months after the past due balance is created. However, you should check with your lender as the time-frame to apply ranges from one month to one year.

CU Denver must receive the lender’s certification request for prior term balance loan no later than September 15th of the following academic year. CU Denver will only certify prior term balance loans to cover an outstanding balance on your CU Denver student account.

Next Steps

After Applying for Your Private Loan

The Financial Aid & Scholarships Office will notify you by email once we have received and reviewed the private loan certification request from your lender. The loan amount processed by the Financial Aid & Scholarships Office may be less than the amount you requested if you have not accepted or declined your other loans, or if the requested amount exceeds your COA. You may contact our office to discuss the loan amount before the loan certification process is completed.

You will be required to complete Private Loan Entrance Counseling before the certification request is processed.

Loan funds will be sent to the university and will be applied to any outstanding balance due on your student account. Any remaining funds will be sent to you by the Bursar’s Office via direct deposit or mail. 

Loan Increases

Once our office has certified an approved private loan, we will rarely be able to increase the loan amount. In most cases, you will need to apply for a new loan.

Loan Reductions and Cancellations
  • If we have not notified you that we received the private loan certification request from your lender, please work with your lender to reduce or cancel the loan.
  • If we have notified you that we received the private loan certification request, you will need to complete a Loan Adjustment Form.
  • If you receive additional aid after your private loan is certified, our office may need to adjust the amount of your private loan. We will notify you if your loan needs to be adjusted.
What now?