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Private Student Loans

Private Student Loan (Nongovernment Loan) Option

In some cases, students may not be eligible for federal aid or could be eligible but need extra funding to meet their needs. In the event this happens, there is an option of a private loan (nongovernment loan). Private student loans are available through banks, credit unions, or other higher education lenders. However, students are always encouraged to seek federal student loans before private loans such as:

  • Federal Subsidized loans
  • Federal Unsubsidized loans
  • Federal Parent PLUS loans

To access federal aid, please complete a FAFSA form to see if you qualify for federal loans.

Additionally, there are various institutional and external scholarships for which students may apply. Visit the Scholarships page on our website to apply. 

Private Loan Eligibility Requirements

Requirements vary based on the lender’s criteria, including but not limited to:

  • The applicant’s credit history, or a co-signer with a good credit history if necessary
  • Meeting satisfactory academic progress standards
  • Pursuing a degree
  • Be enrolled at least half time at the school the student is attending

                       

What Your Loan Pays for and How to Manage the Loan Process

You can borrow only up to your Cost of Attendance (COA) minus any other financial aid you receive. Visit the Cost of Attendance (COA) page on our website for more information.

You can use private student loans to pay for your tuition, fees, housing and food, books, and other education-related expenses. Any funds that remain after these items are paid will be refunded to you. Visit the Refund Information and Policy page on our website for more information.

Applying For a Private Loan

Plan ahead before applying because private loans take time to process. Remember, you will have to repay the loan. When you start repaying depends on the terms of your private loan.

Visit Sinclair's FASTChoice page for a list of private education loan lenders most used by Sinclair students.

Loan Periods

When applying for a loan, you’ll need to know which enrollment period it will cover. You can choose to apply for a loan that covers the entire academic year, or you can apply for a loan for each term individually. Terms include:

  • Fall/Spring
  • Fall Only
  • Spring Only
  • Summer Only

Know Your Rights

Lenders who provide private loans must comply with these Truth in Lending Act requirements:

  • Your lender must provide three separate loan disclosures to you:
    • One when you apply
    • One when your loan is approved
    • One before your funds are made available
  • Three business days must pass between the time you receive the final disclosure and the time your funds are made available.
  • You must submit a signed self-certification form to the lender before your funds can be made available. Sinclair can provide the information required to complete the self-certification form. This information will be emailed to you when Sinclair receives a Certification Request from the private loan lender.

The Charles E. Schell Foundation Student Loan Program

The Charles E. Schell Foundation (Fifth Third Bank Trustee) Educational Assistance Loan provides limited, interest-free student loan funding to qualified students. Interested students should review the criteria on the application and meet with a Financial Aid & Scholarships Officer to determine eligibility.