Private Student Loans are an alternative way to fund your educational costs when there
may be no other options. Florida Poly works with external financial institutions so
that we may have as many funding options available to our students.
It is highly recommended to consider Private Student Loans ONLY AFTER you have explored Federal Student Aid and all other forms of aid. Private Student
Loans should be your last alternative. While they may assist in covering a student’s
expenses, these loans are structured differently than Federal Aid.
Florida Poly does not have a list of preferred lenders. Students can research private
loans with the lender of their choice.
Take This into Account
- Private Student Loan Decisions are based on the student’s (and possible co-signer’s)
credit score, employment, debt to income ratio, current income, as well as other factors.
- Private Student Loans may have a higher interest, and may be variable (may change),
compared to a Federal Student Loan that has a fixed interest rate (will stay the same).
- Private Student Loans may have stricter repayment options.
- There may be additional fees associated with borrowing a Private Student Loan.
- You cannot consolidate Private Student Loans.
- The more times you apply, the more times your credit is checked, the more your credit
score may go down.
How to Apply
- Research our lender list to see which banking institution you may want to apply.
- Complete the loan application. We encourage you to have a co-signer available in the
instance you are denied.
- When completing your application, please ensure that you applying for the correct
Academic Year. Please refer to our academic calendar for specific dates.
- In the instance you are approved you will need to complete a Private Education Loan Self Certification Form, and submit it your lender before money can be disbursed.
- Once approved, and you have completed all necessary paperwork with your lender, your
information will be sent to Florida Poly so we can package and disburse your Private
- Please be advised that most Private Loan approvals have a shelf life of 120 days.
It is important that you do not apply too early, as we disburse all financial aid
starting Week 2 of the semester.
The Lender Must Inform You
It is important to know that Private Lenders are required to disclose loan information
to students and cosigners at 3 separate times during the loans process. Ensure that
you are receiving all 3.
- Application Disclosure
- Approval Disclosure
- Final Disclosure