Preferred Lender List

Before considering a private student loan, students should review their Federal Direct Loan options listed on their financial aid package notification email. Information on Federal Direct Loans and the current fixed interest rates, repayment options, borrowing maximums, and other terms can be found on the Federal Student Aid website. Students who want to borrow the Federal Unsubsidized Loan must first complete the FAFSA; specific information for University of Chicago Law students can be found on our Financial Aid Application Steps webpage.

If additional funding is needed beyond federal loans, private student loans may be an option to consider. Private loans are educational loans offered through a third-party such as a bank, credit union, or lending company. 

It is essential that borrowers review all options and compare, on an individual basis, the interest rates, fees, repayment options, and other possible benefits offered that vary by lender. Private loan terms are typically based on the creditworthiness of a borrower and may require a U.S. citizen cosigner. To help students identify possible lenders to research further, the University has provided the below list as a starting point. 

The Law School continues to explore private lending options and is actively monitoring lender updates so that students have the resources they need to finance their legal education.

If you have questions about lending options or the financial aid process, contact the Law School's Office of Financial Aid.

Preferred Lender List

The University of Chicago solicited, through a Request for Information process, private student loan program information from a wide variety of lenders. In evaluating lender responses, the University considered program terms and conditions, including but not limited to: customer service availability, interest and approval rates, borrower eligibility requirements, and special programs or benefits offered. This review process was conducted by University Financial Aid and produced this private loan lender list to support our students in navigating the private loan market. 

This Preferred Lender List in no way limits a student’s ability to procure a private student loan from any lender a student chooses. The information is presented to offer students a list of vetted private loan providers. Students should conduct further research to determine what lender is most advantageous to their particular circumstances.

UChicago 2026-2027 Preferred Lenders

The University's preferred lender list is below (listed alphabetically):

• Advantage Education Loan
• Ascent Funding, LLC
• Citizens
• College Ave
• Custom Choice
• Earnest
• ISL Education Lending
• Nelnet
• Sallie Mae
• SoFi

Compare Your Options

JD students and families can use ELMSelect to compare Law School lending options from the lenders included on the University's preferred lender list. ELMSelect has the option to compare lenders and loans, and the information is updated by the lenders. You can also start an application with your chosen lender directly through ELMSelect.

As an additional resource to help borrowers identify lenders that may offer loan programs more specific to their unique borrowing situations, categories have been included at the bottom of this page as part of our Preferred Lender List. This is provided to assist borrowers in their private loan search and does not indicate guaranteed availability or approval. To determine individual eligibility, contact the private lender for additional information. 

The Law School will process any loan a student is approved for, regardless of whether or not the lender is on the University's preferred lender list or included in ELMSelect.

Private Loan Application Process

We encourage students who will use private student loan funding to choose a lender and begin the lender's application process by the June 15th prior to the start of the applicable academic year. All requirements listed below should be completed by the August 1st prior to the start of the applicable academic year, or three to four weeks prior to the start of the applicable quarter, if you are only using private student loan funding for a single quarter.

1. Complete the FAFSA to determine your eligibility for the federal Direct Unsubsidized Loan
2. Review lenders, loan options, and terms
3. Choose a lender and loan product, and complete a loan application directly with the lender of your choice
4. Your lender should provide you with a self-certification form to complete and return to them
   • The Private Loan Self-Certification Form can be used if a lender-specific form was not provided to you
5. When you have finalized the application with your lender, complete the UChicago Law Private Loan Request Form (available in late Spring 2026)
6. Review the required application and approval disclosure information your lender provided to you, as well as any final lender disclosures and right to cancel information

Most lenders offer a prequalification option that uses a soft credit check that won't impact your credit score, and multiple private student loan applications within a 30-day period will only count as one credit check. When determining your loan amount, request the amount needed for the full year, as some lenders do not allow adjustments after certification, and reapplication may be required.

The Financial Aid Office will receive a loan certification request from your lender when you submit your final loan application. Once the certification and your Private Loan Request Form are both on file, we will calculate your eligible loan amount based on your requested amount or your Cost of Attendance minus other financial aid received, whichever is less. We will certify the loan request with your lender and add the private student loan to your aid package, at which time we will email you to let you know that there has been a change to your aid package.

Additional Information

When determining a Preferred Lender List, the University of Chicago is required to exercise a duty of care and a duty of loyalty to compile a list without prejudice, and for the sole benefit of our students and their families. Financial Aid at UChicago is committed to offering our services with a steadfast dedication to honesty, sincerity, and integrity, governed by the guidelines in our Code of Conduct. No affiliation exists between any of the lenders included on the Preferred Lender List.