Private Student Loans for College
When federal financial aid doesn’t cover the cost of tuition, you may need to fill the gap with a private student loan. Franklin can help you understand how to get a student loan to pay for college if you need it.
When federal financial aid doesn’t cover the cost of tuition, you may need to fill the gap with a private student loan. Franklin can help you understand how to get a student loan to pay for college if you need it.
Appointment hours:
To schedule an appointment, click here >
Available by phone and in person:
Monday - Wednesday:
9:00am - 12:00pm & 1:00pm - 5:00pm
Available by phone only:
Thursday:
9:00am - 12:00pm & 1:00pm - 5:00pm
Friday:
10:00am - 5:00pm
We know college tuition is a big expense. We also know the end-goal -- your degree -- is worth it. So we offer need- and merit-based institutional aid to help making paying for college a little easier.
Contact Student Financial Services for an appointment.
Up to $200 per credit hour
None
Banks and other independent lenders offer private loans to help pay for the costs of college not covered by financial aid, including current tuition and past-due balances. Private loans are subject to lender approval based on a credit review and other lender-specific requirements.
Before you apply for a private loan, we recommend that you pursue eligibility for federal loans, such as Federal Direct, PLUS and Grad PLUS. Federal loans are usually less expensive than private loans and offer more flexible repayment options.
Franklin reviews its list of private education lenders each year. Our Director of Financial Aid provides comparative information of borrower benefits for Private Education loans to the Executive Director of Student Affairs Operations, and makes recommendations that include at least three unaffiliated lenders.
Selection criteria are based on the following:
Our students are our number one priority, so we seek out lenders that demonstrate excellence in all they do. Franklin University does not endorse any private educational loan lender. No student is required to choose a lender from Franklin’s Private Educational Loan Preferred Lender List. You may choose any eligible and participating lender -- regardless of whether the lender appears on our preferred list or not.
Franklin’s preferred lenders are:
None of these lenders are affiliated with each other. You are not required to choose your lender from this list
To simplify the process of choosing your lender, you may select a lender from Franklin’s Preferred Lender List. Visit the Great Lakes FastChoice website to compare and view lender benefits, loan disclosures, loan cost examples, and apply for a loan.
Before any money can be disbursed from a private education loan, the Private Education Loan Applicant Self-Certification form must be completed and submitted to the lender -- not Franklin’s Financial Aid Office. Many lenders provide this form during the loan application process, so if you did not complete it then, please download the form now and submit it to your lender.
In order to complete Section 2 of the Self-Certification, you need to fill in the Cost of Attendance (COA) and Estimated Financial Assistance portions. Find the COA on your Franklin Financial Aid Award Letter or, if you have not yet received your Award Letter, visit the Cost of Attendance section on our website, and select the undergraduate or graduate COA model.
Your lender will send Franklin University’s Financial Aid Office a request to certify your loan. We will email you an Authorization for Private Education Loan. You must complete and return the form to our office before we can certify your loan.
Get insider tips to help you avoid common FAFSA mistakes and receive the maximum benefit possible.
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