- Most lenders require at least half-time enrollment, although some lenders offer borrowing options for students with less than half-time enrollment. If you need assistance, contact the Office of Financial Aid
- Borrower must be a U.S. citizen or eligible noncitizen
- Borrow may be required to have a cosigner
- Fees from 0-12%, depending on borrower's credit. Some have origination fees.
- Loan amounts often are cost of attendance minus financial aid offered. Sometimes set by school. Often include a yearly and/or cumulative cap (as high as $250,000 for undergraduates).
- Interest rates generally PRIME -1% to +7.75% or LIBOR +1% to +8%
- Repayment term ranges from 0-25 years, depending upon amount of loan
- Interest rates, fees, and loan limits depend upon borrow/cosigner credit history, loan options, and repayment schedule. Having a cosigner may reduce interest rate and loan fees
Additional Information and Requirements
- Students do not need to submit a FAFSA if they are not applying for other aid.
- The federal Truth in Lending Act requires students to submit a Private Education Loan Self-Certification Form to their lender.
Under provisions of the Truth in Lending Act, private education loan lenders (including long-term U-loans and Health Professions Loans) must:
- Provide three separate loan disclosures to borrowers: one at the point of application, one when the loan is approved, and one before the loan is disbursed.
- Have a waiting period of three to seven business days between the time the borrower receives the final loan disclosure and the time the loan is disbursed.
- Receive a signed self-certification form from the student before disbursing the loan.
Your lender should provide you with these requirements. If you have questions, contact our office.
The Self-Certification Process
You must submit a completed Private Education Loan Applicant Self-Certification form to your lender. Your loan will not disburse until your lender receives it.
- Your lender should provide you with a copy of the required Private Education Loan Applicant Self-Certification Form. Complete and return it to your lender as soon as possible. If you do not receive the form from your lender, you may download it from our Forms page. Contact your lender for your application ID or other identifier that will help to match the form with your application. This form is required by provisions in the federal Truth in Lending Act.
- To complete the form, you will need to know your Cost of Attendance and your total financial aid offer. If you receive financial aid, this information can be found on your Financial Aid Notice in Wolverine Access. For more about viewing your Financial Notice, see the Award Notification page.
Cost of Attendance is at the top of your financial aid notice and your total financial aid offer in the sections at the bottom. To get the total figure, you must tally the aid awarded in each section including Gift Aid, Work-Study, Loans, and Other.
If you are not receiving financial aid, find your cost of attendance using figures on the Cost of Attendance page.