Private & Alternative Loans
Comprehensive Private Lender List (listing of all lenders used by Regent students over the last three years)
PLEASE ENSURE YOU HAVE REVIEWED ALL FEDERAL LOAN OPTIONS PRIOR TO APPLYING FOR A PRIVATE STUDENT LOAN.
Federal Student Aid (FSA) offers an excellent guide to understanding the important differences between federal and private loans. The Student Financial Aid Office strongly encourages you to review this information prior to pursuing a private alternative student loan. Private loans are not guaranteed and lenders will examine your credit history to determine eligibility. To have your credit report mailed to you visit the following credit bureaus:
Loan Eligibility
In order to qualify to receive a private loan, a student must be enrolled and attend classes/submit assignments on at least a half-time basis, regardless of stage of his or her program. Half-time is defined as follows:
| Minimum number of credits for loans: | Fall | Spring | Summer |
|---|---|---|---|
| Undergraduate | 6 | 6 | 6 |
| Graduate Students | 5 | 5 | 3 |
| Doctoral Students | 3 | 3 | 3 |
Some private loan programs do allow for less than half-time enrollment. Please check your lender of choice to see if you will qualify. If a student plans on dropping below these levels, he or she should contact Student Financial Aid before making any final decision or submitting paperwork. Your counselor will review with you how dropping below half-time status will affect your loan eligibility.
| The total loan amount a student is eligible for is based on the following formula: | The following formula determines a student’s eligibility for a private loan: |
| Cost of Attendance (COA) – Aid (scholarships, etc.) = Total Loan Eligibility | COA – Expected Family Contribution (EFC) – Aid – Other Federal Loans = Private Loan Eligibility |
Applying for Aid
Students are encouraged to begin the financial aid application process in conjunction with the required admissions application activity. Although a financial aid award cannot be made until a student is accepted, all necessary paperwork will be on file to expedite the awarding process upon acceptance.
Students interested in applying for a private loan must apply directly with their lender of choice (see Comprehensive Private Lender List for information and application information). Your lender will contact Regent University to obtain loan certification. Please allow 3-4 weeks for process and disbursement of your private loan funds. Students who utilize a lender that Regent University has not previously worked with may experience slightly longer processing times due to the initial setup steps Regent University will complete on your behalf in support of processing the loan.
Early submission of applications helps to ensure the arrival of funds by the final payment deadline. It also allows for necessary information to be available when Student Financial Aid begins the awarding process.