Private education loans are credit-based loans provided by private lenders and are not issued, insured, or guaranteed by the federal government. A private student loan can help cover educational expenses not met by federal financial aid and may be an option for students who are not eligible for federal student aid. Choosing the right loan means understanding your options, your responsibilities, and each lender's loan details, including interest rate, fees, and repayment terms.
To help you search for a private student loan lender, we have partnered with ELMSelect to bring you a curated group of loan providers. Our preferred lenders were selected using neutral, student‑centered criteria, including total borrower cost, repayment flexibility, approval times, customer service metrics, and co‑signer release options.
You are not required to use a lender on the list in ELMSelect, and you may select any eligible lender. We process private education loan certifications for all lenders with equal timeliness. Selecting a lender not included in ELMSelect will not delay your loan certification. See UVA's Student Loan Code of Conduct for more information.
Preferred lenders are reviewed annually, and UVA does not accept any financial or other benefits in exchange for displaying lenders and loan options in ELMSelect. To learn more about our partnership with ELMSelect, please see our preferred lender selection process.
Start your loan search with ELMSelect
ELMSelect is a free online platform that helps students and families compare private student loan options through the following features:
- Loan Comparison Tool: Compare lenders based on interest rates, repayment terms, and eligibility requirements. No registration or personal information is required to browse or compare options.
- School-Specific Listings: Select your school, college, and academic program to view loan options curated by UVA.
- Real-Time Data: Loan information is updated directly by lenders ensuring access to the most current rates and terms.
- Apply Directly with Your Preferred Lender: Once you identify a loan that meets your needs, you can apply directly with the lender through the platform.
We encourage you to explore federal aid and scholarships before borrowing a private loan. If you decide a private loan is right for you, you may choose any lender, whether or not they appear in ELMSelect.
- Complete the FAFSA to determine your eligibility for federal financial aid*.
- Review your financial aid offer and calculate how much additional funding you may need. To do this, take your cost of attendance and subtract all forms of anticipated financial assistance (e.g., federal loans, payments).
- Research and compare lenders, paying close attention to interest rates, fees, repayment terms, and borrower benefits.
- Apply directly with your selected lender. Most applications are completed online.
- Complete the Private Education Loan Self-Certification Form, which is required by federal law and provided by your lender.
- Await credit approval, which may take several days to a few weeks. If you have a freeze on your credit, you will need to remove the freeze before you apply for the loan.
- Review and sign your promissory note after carefully reading and understanding all terms.
- University certification: Once the lender approves your loan, the university will certify the approved loan amount, up to the cost of attendance.
- Loan disbursement: Funds are typically sent directly to the university and applied to your student account.
Important: The private loan process can take approximately 3–6 weeks from the time you apply until the time the funds post to the student account. Apply early to ensure funds are available by the tuition due date.
*Federal financial aid, also referred to as Title IV financial aid, includes Direct Federal Student Loans, Federal Work Study, Direct Federal Parent PLUS Loans. Direct Federal Loan annual borrowing limits vary by year in school for undergraduate students and are higher, in general, for graduate and professional students. Please see our loans pages for undergraduate and graduate students for more information.
- Credit-based approval: Private student loans are approved based on creditworthiness. Your interest rate and eligibility depend on your credit history and income, or that of your co-signer.
- Immediate interest accrual: Unlike subsidized federal loans, interest on private loans begins accruing as soon as the funds are disbursed.
- Fewer borrower protections than federal loans: Private loans typically do not offer income-driven repayment plans, loan forgiveness programs, or the same deferment and forbearance options available with federal loans.
- Bankruptcy restrictions: Private student loans are generally not dischargeable in bankruptcy. Further, private education loans may not be dischargeable in the event of death or total permanent disability of the borrower.
- Compare lenders carefully: Interest rates, fees, and repayment terms can vary widely. Review multiple loan offers to help you find the most favorable terms.
- Borrow conservatively: Only borrow what you need, as your loans must be repaid with interest. Minimizing borrowing can reduce long-term costs.
- Right to cancel: Federal law provides a three-day right to cancel after you receive the final loan disclosure.
- Review loan documents thoroughly: Be sure you fully understand your repayment responsibilities before signing any promissory note.