About Parent Private Loans

Parent Private education loans are non-federal loans offered by some lenders. Parent Private loans are designed to supplement a student's financial aid package and help fill in any gaps between the financial assistance that is offered by USD and other sources and the amount the student actually needs to cover the total cost of his or her education.

Parent Private loans are not federally endorsed or guaranteed, but they must be certified, or approved, through the USD Financial Aid Office. A private loan cannot exceed your cost of attendance (budget) minus all other financial aid.

  • COA (Cost of attendance): an estimate of tuition and fees (based of full-time enrollment), room and board, transportation and other costs for the period of enrollment covered by the loan. Other costs could include expenses such as books, travel and personal expenses needed during the academic year. (View USD's Private Education Loan Self-Certification Cost of Attendance 2018-19)
  • Estimated financial assistance: all federal, state, institutional (school), private and other sources of aid. The student’s estimated financial assistance may be obtained from their award letter.
    Parent Private loans are based on creditworthiness, so the initial step in applying is a credit check with the lender. Since the loans are not federally endorsed, each lender's loan program is different: Each loan varies on interest rates, fees charged, the amount you may borrow (minimum and maximum) and repayment terms.

Selecting a Lender

Selecting a lender for an alternative loan is an important decision, one that will affect you for the life of your loan. Parents are encouraged to research the lender benefits, customer service and other information related to loan processing, services and cost. You have the right to select any lender you wish for an alternative loan and you are not required to borrow from the lenders listed below.

USD FASTChoice Lender List