Private Loans
If additional funding is needed beyond federal loans, private student loans may be an option to consider. Private loans are educational loans offered through a third-party such as a bank, credit union, or lending company.
It is essential that borrowers review all options and compare, on an individual basis, the interest rates, fees, repayment options, and other possible benefits offered that vary by lender. Private loan terms are typically based on the creditworthiness of a borrower and may require a U.S. citizen cosigner. To help students identify possible lenders to research further, NLU has provided the below list as a starting point.
This Preferred Lender List in no way limits a student’s ability to procure a private student loan from any lender a student chooses. The information is presented to offer students a list of vetted private loan providers. Students should conduct further research to determine what lender is most advantageous to their particular circumstances.
Private Loan Lender List
Advantage Education Loan
Website advantageeducationloan.com
Email advantageeducationloan.com/ael/ael/contactUs.faces
Phone 800-988-6333
Description: Private lender for degree seeking students and private lender for parent or other credit worthy borrower
Ascent Funding, LLC
Website ascentfunding.com
Email help@ascentfunding.com
Phone 877-216-0876
Description: Private lender for degree seeking students, private lender for parent or other credit worthy borrower, International students with credit worthy co-signer and DACA students. Past due balance up to 180 days.
Citizens
Website citizensbank.com/collegestudent
Email SchoolServices@citizensbank.com
Phone 888-333-0169
Description: Private lender for degree seeking students and private lender for parent or other credit worthy borrower. Past due balance up to 365 days.
College Ave
Website collegeave.com
Email studentloans@collegeave.com
Phone 844-422-7502 and text 726-227-2275
Description: Private lenders for non-degree or certificate program students and private lender for parents or other credit-worthy borrowers. Past due balance up to 365 days. Students enrolled less than half-time.
Custom Choice
Website customchoiceloan.com
Email customerservice@cd.customchoice.com
Phone 877-292-7470
Description: Private lender for degree seeking students and private lender for non- degree or certificate program students. Past due balance up to 365 days.
Earnest
Website earnest.com/student-loans
Email hello@earnest.com
Phone 888-601-2801
Description: Private lender for degree seeking students and private lender for parent or other credit-worthy borrower. Past due balance up to 365 days.
ISL Education Lending
Website IowaStudentLoan.org
Email sservices@StudentLoan.org
Phone 844-268-2203
Description: Private lender for degree seeking students and private lender for parent or other credit-worthy borrower. Past due balances up to 180 days.
Nelnet Bank
Website nelnetbank.com
Email Loans@nelnetbank.com
Phone 800-446-4190
Description: Private lender for degree seeking students and private lender for parent or other credit worthy borrower. Past due balance up to 365 days.
Sallie Mae
Website salliemae.com/student-loans
Email salliemae.com/contact-us
Phone 800-4-SALLIE (800-472- 5543)
Description: Private lender for non-degree or certificate programs students. Past due balance up to 365 days. Students enrolled less than half time.
SoFi
Website sofi.com/private-student-loans
Email schools@sofi.com
Phone 855-456-7634
Description: Private lender for degree seeking students, private lenders for international students with no U.S. co-signer, private lender for non-degree or certificate programs students, private lender for parent or other credit worthy borrower. Past due balance up to 365 days.
Private Loans for International Students with no US Co-signer
MPOWER Financing
Website mpowerfinancing.com
Email mpower.me@mpowerfinancing.com
Phone 202-417-3800
SoFi
Website sofi.com/private-student-loans
Email schools@sofi.com
Phone 855-456-7634
Financial Aid Code of Conduct
The Higher Education Opportunity Act requires institutions of higher education participating in the administration of educational loan programs to develop and publish a Code of Conduct. Any National Louis University officer, employee, or agent who has responsibilities with respect to student educational loans is required to comply with this Code of Conduct as outlined below.
- The University shall not enter into any revenue-sharing arrangement with any lender.
- No officer or employee of the University who is employed in the Student Finance Office of the University 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 (any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount) from a lender, guarantor, or servicer of education loans.
- An officer or employee who is employed in the Student Finance Office of the University 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.
- The University shall not for any first-time borrower, assign, through award packaging or other methods, the borrower’s loan to a particular lender; or refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
- The University shall not request or accept from any lender any offer of funds to be used for private education loans (as defined in section 140 of the Truth in Lending Act), including funds for an opportunity pool loan, to students in exchange for the University providing concessions or promises regarding providing the lender with:
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- a specified number of loans made, insured, or guaranteed under this title;
- a specified loan volume of such loans; or
- a preferred lender arrangement for such loans.
- The University shall not request or accept from any lender any assistance with call center staffing or Student Finance Office staffing.
Assistance will be permitted for the following instances:
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- professional development training for financial aid administrators;
- providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials; or
- staffing services on a short-term, nonrecurring basis to assist the University with financial aid-related functions during emergencies, including State-declared or federally declared natural disasters, federally declared national disasters, and other localized disasters and emergencies identified by the Secretary of Education.
- Any employee who is employed in the Student Finance Office, or who otherwise has responsibilities with respect to education loans or other student financial aid of the University, and who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.
In addition to the items above, as a member of the National Association of Student Financial Aid Administrators (NASFAA), the University also follows the standards established in NASFAA’s Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.
