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Private/Alternative Loans
Private/alternative loans are nonfederal loans provided by lenders such as banks, credit unions, state agencies, or schools. These loans are an option for students who are not eligible for Federal Student Loans due to reasons like failing SAP (Satisfactory Academic Progress) or reaching maximum loan limits.
Application Process
Students opting for private loans should apply to their lender of choice early. This is important because the process involves several steps:
- Credit Approval: The lender will conduct a credit approval process.
- Certification: The school must certify that the student meets the lender’s requirements.
- Disbursement: The loan will be sent to the college.
Certification and Processing
Once the lender has approved the loan, a certification request will be sent to UCO. It can take up to 5-7 business days from the date the certification request is received until the loan is certified. After certification, allow another 5-7 business days for the private loan certification request to be processed. You should expect to see the loan offer in your portal immediately after it has been certified.
For more detailed information, please visit the Financial Aid / How to Pay page of our website.