Private Loans
Private loans are credit-based and should only be considered after exhausting all federal loan options first, if the student is not eligible for federal aid or for covering tuition for a certificate program.* Borrowers should carefully compare interest rates and borrower benefits offered by each lender before making a selection. The maximum amount that a student may borrow in a private loan is the cost of attendance minus all financial aid received.
We recommend that students apply for a private loan with a co-signer. A co-signer assumes responsibility for a loan should the borrower fail to repay. Having a co-signer on the loan often results in a lower interest rate and reduced fees.
Students will need to provide the lender with a Private Loan Self Certification Form before the loan can be disbursed. The lender may have this form as part of the application process. If not, please download and submit it to the lender with your application.
*If you have been awarded federal loans in your financial aid package, you will need to accept or decline your loan offers before W&M can certify your private loan.
Lender Information
The following is a list of lenders that W&M students have used during the past five years. This list is in alphabetical (not ranking) order. You may wish to use a lender that does not appear on this list, and you are welcome to do so. Our office will certify a private loan from any lender that the student chooses. Please allow at least four weeks for your private loan to be processed.
- Ascent Funding
- Chartway Federal Credit Union
- College Ave Student Loans
- Citizens Student Loans
- Custom Choice
- Education Loan Finance
- Earnest Student Loans
- KHEAA Advantage Education Loan
- Langley Federal Credit Union
- MPOWER Financing (international students w/o U.S. cosigner)
- Massachusetts Educational Finance Authority (MA residents)
- Nelnet Bank
- New Jersey Class Loan (NJ residents)
- PNC Bank
- Prodigy Finance (international students w/o U.S. cosigner)
- Rhode Island Student Loan Authority (RI residents)
- Sallie Mae Student Loans
- SoFi Student Loans
- South Carolina Student Loan
- Thrivent Federal Credit Union
- Union Federal
