Private Education Loan

Private education loans are designed to assist you in meeting the cost of attendance that is not met by other types of financial assistance or personal resources, and should be considered after all available federal and state financial aid options have been exhausted. Additional information is available from the Department of Education publication, Federal Aid First. Through private education loans, you may borrow up to the full cost of attendance for your program minus all other financial assistance. As always, taking on debt for any reason should be done deliberately and only for the amount needed.

Educational Loan Priority Deadline

Free Application for Federal Student Aid (FAFSA) Waiver

Should you wish to pursue private education loans in lieu of applying for federal, state, and institutional financial assistance, Texas Tech University requires that you complete a Free Application for Federal Student Aid (FAFSA) Waiver before a private education loan will be certified by our office.

Selecting a Lender

Texas Tech University does not promote or endorse any private education loan lenders. FASTChoice is a lender-neutral tool which allows you to compare a historically cumulative list of lenders and education loan products that our students have used.

Consider when selecting a lender

• Interest rate - It may be capitalized, therefore, increasing the amount of money you ultimately owe. Consider using a cosigner. You may qualify for slightly lower rates.
• Fees - The interest rates and fees that you pay are based on your credit score and the credit score of your co-signer (if you choose to use one).
• Borrower benefits - These vary by lender.
• Repayment terms - Some lenders require you to pay while you are in school; others will defer payments until after graduation.
• Eligibility requirements - These vary by lender.

Consider regarding the application for private education loans

• Before disbursement of any private education loan can occur, a Private Loan Applicant Self-Certification must be completed. This form is part of the application process you complete through your lender.
• Plan for up to four weeks for private education loan processing
• You may apply for a loan to cover the entire academic year (fall and spring), unless you do not plan to attend consecutive semesters, in which case, you will need to apply for each semester individually. Summer semester loans require a separate application from the fall/spring.
•  Once Texas Tech University has processed your private education loan, only reductions or cancellations can be made by emailing finaid.advisor@ttu.edu. Increases require a new loan application be submitted to the lender.
• Select the appropriate loan period dates from the chart below: