Private Loan Information

Remember:

1. Apply with a cosigner for the best interest rate option!
2. Compare at least two loans to find the better (best!) fit.

Make sure to review federal aid eligibility determined by the FAFSA; click here for grant aid and here for federal loan aid.

Regulations require all private loan borrowers to review a series of disclosures and complete the Applicant Self-Certification Form. You will need cost of attendance (COA)  information. Once awarded, returning students may log into BannerWeb for both COA and financial aid information.

The new regulations may also mean a delay of funds (up to 21 days) received by the University, so we recommend that you allow for several weeks of processing between when you apply and when you anticipate needing the funds.

Private and alternative loan lenders offer a wide selection of educational loans to bridge the gap between expenses and the student's eligibility for other aid. Even though these loans are not part of the federal aid program, it is required that they are included in the calculation of the student's total aid package. Please be advised that the private loan in combination with other accepted financial aid cannot exceed the COA determined by the Financial Aid Office. Due to the required credit review, the University of Dallas Financial Aid office cannot guarantee that all students who apply will qualify for loan funds.

Below is a link to Elm Select which provides a list of lenders used by University of Dallas Students during the previous academic year. Please be advised that you have the right and the ability to select the educational loan provider of your choice. You are not obligated to utilize any lender listed on this list. There is no penalty for choosing a lender that is not included on this list. This is strictly an attempt to simplify the private loan application process for our students and families.

The University of Dallas utilizes ELMSelect, a neutral lender and product comparison tool, to present the lenders to you.

If you understand and agree with these statements, then click below:

Elm Select Private undergraduate loan page

You can select undergraduate program or international, depending on your status.

BEFORE CONSIDERING PRIVATE LOANS

University of Dallas encourages each borrower to borrow from the Direct Student Loan program, if eligible, before considering the Private Credit Loans offered through private lenders.

Direct PLUS Loans are available to parents of dependent students and Graduate PLUS loans are available to graduate students. As part of the William D. Ford Federal Direct Loan Program, no bank or lender other than the federal government is needed to receive Direct PLUS Loans. As such, Direct PLUS Loans are not subject to commercial market conditions.

In some instances, a co-signer may be required to apply for a loan. You are also encouraged to review and compare all rates, terms, and conditions prior to finalizing your lending program decision.

Only after exhausting all other forms of aid should you consider a private loan.

Questions To Ask Loan Servicers

1. Are there fees charged on the loan? If so, at what percent.
2. How often is interest capitalized? Does the capitalization change upon entering repayment?
3. Are there borrower benefits associated with the program? If so, what are they.
4. How often is a statement provided summarizing loan balances, interest accrual and the expected monthly payment?
5. How accessible are loan representatives via the phone?
6. What are your hours of operation?
7. How long has the company been offering educational loans?
8. How can payments be made? i.e., US mail, phone, with or without a fee, online?
9. Does the program offer insurance on the loans?

Preferred Lender Status—The University of Dallas participates in the William D. Ford Federal Direct Loan Program, which provides student and parent loans through the U.S. Department of Education.  Lenders in the private student loan industry will not be given a preferred status. The University of Dallas does not have any preferred lender arrangements that give any lender an advantage in securing business from our students. The University of Dallas does not provide students a preferred lender list from which to select a lender for a private student loan. All loans are processed without regard to lender or mode of transmission (i.e., electronic or paper). The University of Dallas will neither recommend a private loan lender nor accept material benefits including revenue or profit sharing to the institution, an officer, or an employee of the institution or an agent.

Private Loan Certification—The University of Dallas will not assign a borrower’s private student loan to a particular lender; all decisions will be made by the borrower in his or her independent review of borrower benefits and lender services. The University of Dallas will not refuse to certify or delay certification of any loan based on the borrower’s selection of a particular lender or guaranty agency.

Code of Conduct

University of Dallas hereby adopts the following provisions from the HEOA, Section 493 as its Code of Conduct Related to Student Loan Activities and will annually inform all institutional officers, employees, and agents with responsibilities for student loan activities and decisions of the provisions of this code. Note that where language in the law references financial aid office, it has been replaced with Office of Financial Aid.

1. BAN ON REVENUE-SHARING ARRANGEMENTS

• (A) Prohibition — The institution shall not enter into any revenue-sharing arrangement with any lender.
• (B) Definition — For purposes of this paragraph, the term ‘revenue-sharing arrangement’ means an arrangement between an institution and a lender under which —
  • i) a lender provides or issues a loan that is made, insured, or guaranteed under this title to students attending the institution or to the families of such students; and
  • (ii) the institution recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the institution, an officer or employee of the institution, or an agent.

1. GIFT BAN

• (A) Prohibition — No officer or employee of the institution who is employed in the Office of Financial Aid, or an individual who has been assigned by the University of Dallas Executive Vice President of Enrollment with supervisory authority over the Director of Financial Aid, or who otherwise has responsibilities with respect to education loans, or agent who has responsibilities with respect to education loans, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans.
• (B) DEFINITION OF GIFT
  • (i) In General — In this paragraph, the term ‘gift’ means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount. The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred.
    • (ii) Exceptions — The term ‘gift’ shall not include any of the following:
      • (I) Standard material, activities, or programs on issues related to a loan, default aversion, default prevention, or financial literacy, such as a brochure, a workshop, or training.
      • (II) Food, refreshments, training, or informational material furnished to an officer or employee of an institution, or to an agent, as an integral part of a training session that is designed to improve the service of a lender, guarantor, or servicer of education loans to the institution, if such training contributes to the professional development of the officer, employee, or agent.
      • (III) Favorable terms, conditions, and borrower benefits on an education loan provided to a student employed by the institution if such terms, conditions, or benefits are comparable to those provided to all students of the institution.
      • (IV) Entrance and exit counseling services provided to borrowers to meet the institution’s responsibilities for entrance and exit counseling as required by subsections (b) and (l) of section 485, as long as —
        • (aa) the institution’s staff are in control of the counseling, (whether in person or via electronic capabilities); and
        • (bb) such counseling does not promote the products or services of any specific lender.
      • (V) Philanthropic contributions to an institution from a lender, servicer, or guarantor of education loans that are unrelated to education loans or any contribution from any lender, guarantor, or servicer that is not made in exchange for any advantage related to education loans.
      • (VI) State education grants, scholarships, or financial aid funds administered by or on behalf of a State.
    • (iii) Rule for Gifts for Family Members — For purposes of this paragraph, a gift to a family member of an officer or employee of an institution, to a family member of an agent, or to any other individual based on that individual’s relationship with the officer, employee, or agent, shall be considered a gift to the officer, employee, or agent if —
      • (I) the gift is given with the knowledge and acquiescence of the officer, employee, or agent; and
      • (II) the officer, employee, or agent has reason to believe the gift was given because of the official position of the officer, employee, or agent.

1. CONTRACTING ARRANGEMENTS PROHIBITED

• (A) Prohibition — An officer or employee who is employed in the Office of Financial Aid or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
• (B) Exceptions — Nothing in this subsection shall be construed as prohibiting —
  • (i) an officer or employee of an institution who is not employed in the institution’s Office of Financial Aid and who does not otherwise have responsibilities with respect to education loans, or an agent who does not have responsibilities with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans;
  • (ii) an officer or employee of the institution who is not employed in the Office of Financial Aid but who has responsibility with respect to education loans as a result of a position held at the institution, or an agent who has responsibility with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans, if the institution has a written conflict of interest policy that clearly sets forth that officers, employees, or agents must excuse themselves from participating in any decision of the board regarding education loans at the institution; or
  • (iii) an officer, employee, or contractor of a lender, guarantor, or servicer of education loans from serving on a board of directors, or serving as a trustee, of an institution, if the institution has a conflict of interest policy that the board member or trustee must excuse themselves from any education loans at the institution.

Sanctions

Violations of university policies, including the failure to avoid a prohibited activity or disclose a conflict of interest in timely manner, will be dealt with in accordance with applicable university policies and procedures, which may include disciplinary actions up to and including termination from the institution.