Private Loan Information
Remember:
- Apply with a cosigner for the best interest rate option!
- 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:
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
- Are there fees charged on the loan? If so, at what percent.
- How often is interest capitalized? Does the capitalization change upon entering repayment?
- Are there borrower benefits associated with the program? If so, what are they.
- How often is a statement provided summarizing loan balances, interest accrual and
the expected monthly payment?
- How accessible are loan representatives via the phone?
- What are your hours of operation?
- How long has the company been offering educational loans?
- How can payments be made? i.e., US mail, phone, with or without a fee, online?
- 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.
-
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.
-
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.
-
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.
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