We recommend that you apply for a private loan no more than three months prior to the start of the term. Private loans are credit based and conditionally approved for a specific period of time, ranging from 30 to 365 days.

Visit the Office of the Registrar: Academic Calendar for term specific start dates.

Please Note: Credit expirations vary by lender; therefore, all questions regarding lender credit expiration must be directed to the respective lender.

Fall/Spring Semesters

During the application process you will be required to provide the loan term dates; this refers to the term(s) of enrollment for which the private loan is applied; this includes either a full academic year or single portion of the academic year (term/semester).

Refer to Office of the Registrar: Academic Calendar for additional academic year/term information.

We encourage students who need to borrow a private loan for both the fall and spring terms to submit their loan application for the full year instead of submitting a separate application for each term; full year loan amounts will be split evenly between the fall and spring terms.

Summer

Summer Financial Aid: Student’s must submit The JMU Summer School Financial Aid Application; this application is required even if a student is only using a private loan for the summer term. Failure to submit the application may cause significant delays in the processing of your loan.

Summer private loans have separate loan term dates and require a separate loan application from fall and spring private loans. 

Summer Aid Application

Researching and comparing lenders is crucial and will ensure the lender and loan product selected best suits a borrower’s financial needs.

Borrowers have the right to borrow with any lender offering a private education loan regardless of whether they are listed on JMU’s Preferred Lender List. JMU does not discriminate against lenders and will certify loans from any lender provided the student meets the lender’s eligibility requirements.

Explore the JMU Preferred Lender List to compare lender loan products.

Preferred Lender List

The lenders and loan products presented on the JMU Preferred Lender List were selected for the excellent terms and benefits they provide to borrowers. We use strict criteria based on the interests of our students; this information is reviewed annually to ensure that the benefits the lenders offer continue to adhere to our criteria.

NOTE: Selecting a private lender is crucial and requires thorough research. Lenders may alter terms without notice to JMU, so we recommend verifying information with your chosen lender before applying. You are free to borrow from any lender offering private education loans, regardless of their presence on JMU’s preferred list. JMU certifies loans from any lender, provided the student meets their eligibility criteria; we do not discriminate against lenders.

The Private Education Loan Applicant Self-Certification Form is provided during the application process to be completed by the applicant and submitted back to the lender. A private loan will not be disbursed until this step is complete.

If your lender has requested you complete a Self-Certification form and one has not been provided, you can access and complete the Private Education Loan Applicant Self-Certification form provided.

Do not submit the Private Loan Self Certification Form to JMU; the form must be submitted directly to your lender.

A private loan certification request is sent to JMU after approval and initial disclosures have been obtained by the lender. The certification is processed after reviewing the student account to verify that the student is meeting all other loan requirements. Requirements may include enrollment confirmation, cost of attendance, and/or academic standing just to name a few.

Private loan certification requests are typically processed within 2 to 6 weeks, with the longer delay taking place during our peak volume times at the start of fall, summer, and spring terms. We strive to lessen this period as much as possible.

The Higher Education Opportunity Act (HEOA) regulations require lenders to provide borrowers with a minimum three-business day right-to-cancel period and an additional three business days for the borrower to receive the final disclosure. Lenders will not disburse your funds until they have received all required documents, disclosures, and borrower signatures.

The disbursement process begins once the lender releases funds to the University; funds sent electronically may take up to three business days to be received by JMU while funds sent paper check will take longer. Once JMU has received funds, there may be an additional 2-4 days of processing before funds are posted to student bills.

Private loan disbursements will not be requested earlier than 10 days prior to your term start date.

It’s important to note that a Private Loan lender may indicate you qualify for a higher loan limit than what JMU will certify for you.  The lender is basing their decision primarily on financial measures (e.g., credit check, etc.) associated with your application, but JMU will need to certify your loan application with the lender before the loan can reach the final stage of approval.  The amount certified in the loan cannot exceed your Cost of Attendance, which is heavily influenced by the number of financial aid eligible classes you are registered for during the enrollment period.  For example, if you are registered for a total of 9 credit hours in a term and only 6 of them are listed with a Yes” under the “Eligible for Financial Aid” Column in “My Class Schedule” in MyMadison, then for financial aid purposes, your Cost of Attendance will be built based on 6 hours.

The Cost of Attendance Calculator can be used to estimate a students Cost of Attendance for your program of study.

Many lenders, but not all, require that you be enrolled at least half-time in a degree-seeking program. Some lenders allow students to be enrolled less than half-time or in a continuing education or certificate program.

Many lenders will create a loan for a past-due balance. Other requirements apply and vary by lender. Contact lenders prior to applying to determine if they can meet your particular needs. After navigating to our preferred lender list, choose “Show Advanced Filters” to identify lenders offering past-due balance loans. 

This varies by lender. To determine whether SAP is a loan requirement, navigate to our preferred lender list and choose “Show Advanced Filters” or contact the lender directly. 

During the application process you will be required to provide the loan term dates; this refers to the term(s) of enrollment for which the private loan is applied and can include either a full academic year or single portion of the academic year (term/semester). Full-year loans are evenly divided so half disburses in fall and half disburses in spring. One semester loans will disburse once in each term. This does not mean funds will be immediately available at the start of the term rather that this is the term for which you are borrowing. 

Refer to Office of the Registrar: Academic Calendar for additional academic year/term information.

Interest Rates may be fixed or variable and are determined by your lender’s requirements. A fixed interest rate stays the same during a set period set forth by the lender (either a portion of or the entire loan period). Variable rates fluctuate periodically based on index changes.

There are different fees that a private lender may charge, and this is important to ask prior to completing a loan application.

Repayment terms and options vary by lender. Most require that you make a minimum payment while in school, while some may offer a full deferment. It is important to ask this question before applying with a lender. Remember, when you borrow money for your education, you are signing a legal obligation to repay the loan according to the terms and conditions set forth by your lender. You must repay your student loans even if you do not graduate or complete your education.

Only classes with a “Yes” under the “Eligible for Financial Aid” Column in “My Class Schedule” in MyMadison.  If you see a “Yes” next to one of your classes, then this course will be considered when your financial aid eligibility is calculated.  If you see a “No” next to one of your classes, then this class cannot be counted as part of your attempted credits when your financial aid eligibility is determined.   

It’s important to note that a Private Loan lender may indicate you qualify for a higher loan limit than what JMU will certify for you.  The lender is basing their decision primarily on financial measures (e.g., credit check, etc.) associated with your application, but JMU will need to certify your loan application with the lender before the loan can reach the final stage of approval.  The amount certified in the loan cannot exceed your Cost of Attendance, which is heavily influenced by the number of financial aid eligible classes you are registered for during the enrollment period.  For example, if you are registered for a total of 9 credit hours in a term and only 6 of them are listed with a Yes” under the “Eligible for Financial Aid” Column in “My Class Schedule” in MyMadison, then for financial aid purposes, your Cost of Attendance will be built based on 6 hours.

The Cost of Attendance Calculator can be used to estimated the cost of attendance for your program of study.