Private Loans

http://salisburyareafoundation.org

Before applying for a private loan, the Financial Aid Office recommends filing a FAFSA to exhaust any federal and university aid options first.  The Ohio State University does not endorse any private educational loan lender or lending program; however, FASTChoice is a useful website that provides a lender list for students to browse.  Students can search for loans based on specified criteria and select up to five loan products to compare at a time.  Even though Ohio State does not endorse any lenders, the ones shown on FASTChoice were selected by the University based on the following:
  •  History of good customer service for borrowers and staff of the University.
  • Longevity and stability in private loan lending.
  • Easy online application process.
  • Funds are sent electronically via EFT (Electronic Funds Transfer).
  • Competitive rates and terms.

https://choice.fastproducts.org

FASTChoice is reviewed periodically and feedback from students is taken into consideration when making updates to the list.  Ohio State reserves the right to add or remove any lending agency from the list at any time.  Students are not restricted to using a lender from the FASTChoice list; they may choose any eligible lender. 
Private loans typically take six to eight weeks to process, certify, and disburse.  Due to the extended timeline, the University recommends the below application priority dates for the 2014-2015 academic year:

Loan Term(s)/Semester(s)

Application Priority Date
May Session Only March 15, 2014
Summer Semester Only May 1, 2014
Autumn Semester Only July 1, 2014
Spring Semester Only November 15, 2014
Summer, Autumn, and Spring May 1, 2014
Autumn and Spring July 1, 2014

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Private loan application processing timeline:

  • Student applies for the loan with his/her lender.
  • The lender runs a credit check and approves or denies the loan.  If denied, the student then has the option of pursuing and endorser/co-signor.
  • After the loan is approved, the lender sends three separate disclosures to the student.  The student (now known as the borrower) is responsible for completing and returning ALL required documents to the lender, including a self-certification form.  These forms are NOT returned to the University; rather, they are submitted directly to the lender.
  • After all required documents are completed and returned to the lender, the loan information is transmitted to Ohio State.
  • Ohio State certifies the loan, confirming that the student is enrolled and will be attending classes during the terms that the loan will be applied.
  • The loan offer is added to the student’s online Award Summary through Buckeye Link.  The student then accepts the loan online, just as he/she would accept a federal Stafford Loan.
  • Private loans typically disburse to the student’s account within three weeks after being accepted online.
Please note that no financial aid can be disbursed sooner than ten days prior to the start of the semester.