6. Applying for Private Educational Loans
A number of private organizations lend to The University of Chicago students. For more information on private loans, see the Graduate Financial Aid's Loans section. The Law Financial Aid Office does not endorse or promote any private lender and will process a private loan application from any lender selected as long as the student is eligible for the loan.
For those interested in participating in our Loan Repayment Assistance Program (LRAP), please note that alternative loans are not eligible.
The Law Financial Aid Office suggests that students who plan to borrow private loans carefully compare these to the federal loans as the latter provide fixed rates of interest, multiple repayment options, cancellation provisions, deferments, and forbearances.
The maximum a student may borrow from a private lender is the difference between the cost of attendance, as reflected on the Financial Aid Award Notice, and financial assistance, including scholarship and federal loan funds that the student has accepted.
Application procedures vary by lender. But, all lenders will require the borrower to complete a Private Education Loan Applicant Self-Certification Form. The lender may provide you the form with pre-populated information.
Students who decide to borrow private loans must notify the Law Financial Aid Office in writing or via email of pending applications with particular lenders. Notification reduces the processing time, particularly for those who submit applications to multiple lenders.