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Private Loans
UTRGV STRONGLY RECOMMENDS YOU BORROW THROUGH FEDERAL STUDENT LOAN PROGRAMS BEFORE PURSUING PRIVATE LOANS.
Private loans or Alternative Loans are educational loans offered by private lending institutions. They are not part of the federal or state student loan program and do not require a FAFSA. Be aware that private loans:
- Have variable interest rates
- Are NOT protected by federal student loan regulations
- May be substantially higher than federal loan programs
These loans require you to be credit-worthy or have a credit-worthy cosigner. The lender will notify you of the interest rates and fees you qualify for after a credit review.
The University of Texas Rio Grande Valley does not recommend any specific lenders for private loans. You are free to select any lender offering private loans. We recommend you compare loans from several lenders to find the best interest rate/terms and repayment options.
Eligibility
- Eligibility for private loans is based on the cost of attendance minus other financial aid received.
- Some lenders require half-time enrollment and/or that you meet satisfactory academic progress (SAP) standards.
- Visit the lender's website for additional eligibility requirements.
Important Reminder: UTRGV may not certify all loans requested. UTRGV only certifies private loans for Physician Assistant, International, and Continuing Education students.
Comparing Lenders & Loans
If you would like to access a neutral and comprehensive comparison chart of all lenders used by UTRGV students within the last five years, please visit FASTChoice Solutions.
FASTChoice is a loan comparison tool that helps borrowers choose a private loan that best suits their needs. We do not recommend, suggest, or endorse any lenders. You are not limited to the lenders listed in the chart and may borrow from any lender by directly visiting the website of that lender.If you are facing a gap between the cost of attending UTRGV and your total aid from non-loan sources and federal loans, your state may offer student loan options. If you live in Texas, consider these Texas Higher Education Coordinating Board (THECB) loan programs:
Additional eligibility requirements may be found at www.hhloans.com.Disbursement, Repayment, and Applying
- Select a lender and apply online via the lender’s website. Students receive notification from the lender once the loan is approved or denied based on their credit. IMPORTANT: Even if the loan gets approved by a lender based on credit, UTRGV will still need to certify the loan. UTRGV will not certify a loan for a student who does not meet eligibility requirements.
- Complete and Submit the Applicant Self-Certification Form. If the loan gets approved by the lender, the student must complete this form. Depending on the lender's process, this form may be provided to students online, via email, or sent via regular mail.
- Read and Accept the Approval Disclosure. Depending on the lender’s process, students might view this online, via email, or via regular mail.
- School Certification. Once the lender receives all the required paperwork, they will request UTRGV’s certification. UTRGV will review the student’s application and process the request within five to seven business days based on the criteria listed above, under Eligibility. UTRGV will process the request by either certifying the loan or denying the request.
- Receive a Final Disclosure. If the loan gets certified by the school, the lender will provide students with a cancellation period, required by law.
- Funds were sent to the school. After the mandatory cancellation period, the lender will send the loan funds to UTRGV.
Important Reminders
- UTRGV strongly encourages students to file a FAFSA and exhaust all federal and state aid options (including the Federal PLUS Loan) before applying for a private loan.
- If the lender of choice is not listed on FASTChoice, students may visit the lender's website to apply.
- There is a four- to six-week processing time for all Private Loans. Students must complete and return requests from the lender promptly.
- Students must follow up with the lender to ensure that they have received all the requested documents needed to finalize the loan.
- After the lender approves a loan based on credit, the loan request must be certified by the school.
- Loans will not be processed for a calendar year (January–December) or 12 months. The loan period will be adjusted to reflect the current academic term.
- Funds are sent to the school in the form of a check made out to both the student and UTRGV. Once the check arrives at UTRGV, the school will contact the student.
- Please note that funds will not be issued on the first class day of the semester. Students must plan accordingly.
- Students need to understand all the terms and conditions of the private loan selected. For questions on a specific program, students must contact the lender.
The Financial Aid Office is committed to conducting business in an ethical manner and with the highest level of integrity. To this end, our office adheres to our Student Financial Aid Code of Conduct.
In addition, as a member of the National Association of Student Financial Aid Administrators, we comply with their Statement of Ethical Principles and Code of Conduct for Financial Aid Professionals. As part of our commitment, employees receive training on an annual basis regarding the code of conduct.