Private (alternative) loans are available to fill the gap between the student's financial aid award and the cost of attendance. We recommend that students file a FAFSA and utilize federal financial aid options prior to utilizing a private lender.
Private loans are not for every student, and selecting the right lender for your circumstances is important. Ferris is committed to helping students find the right lender, and we have provided a private lender list to help you make an informed decision. The lenders represented on the private lender list have no affiliation with Ferris and students have the option to select ANY lender of their choosing including those not listed. If a student, parent or sponsor borrower has questions about private loan options, they are encouraged to contact the Financial Aid office.
Private Loan Process for Undergraduate Students
1) Determine who the borrower will be from the following choices:
- Student Borrower - Unless the student is working full-time while in school, will require credit-worthy cosigner
- Parent Borrower - Any biological or stepparent, that is willing to assume debt for the student's education may apply for alternative loan options. Only Parent's eligible for federal PLUS loans.
- Sponsor Borrower - Any credit-worthy individual (parent or non-parent) that is willing to assume debt for a student's education.
2) Compare and Select Loan Options.
Once you have determined the borrower, click the borrower determination below. Student or sponsor borrowers will link directly to FastChoice. Parent Borrowers will be redirected to another web page with loan options for parents of dependent students. The FastChoice tool is designed to help families navigate our list of preferred private lenders. Once you have selected a lender, please select "Apply Now" and follow instructions provided by the lender.
3) Loan Certification
Once you have completed all lender requirements, your lender will notify us that you have an approved loan. We will then "certify" your loan. Once your loan has been certified, you will be able to view it on your financial aid award notice.
- Per federal regulations, a student may not receive more financial aid, including private loans, than the designated "Cost of Attendance". Please refer to student's financial aid award for Cost of Attendance detail.
- Private loans are disbursed in the same manner as federal financial aid.