Private Loans: Understand Your Options

Finding the right private student loan just got simpler!

The ELM Select website helps Millersville University students explore lender options with ease. Here’s what you can do:

✔ Review detailed lender information.
✔ Compare up to three lenders or loan types side by side.
✔ Apply directly when you're ready.

How It Works:

1️⃣ Select Your School
2️⃣ Choose Your Program Type
4️⃣ Read Through Disclaimers
5️⃣ Select Lenders & Products to Compare
6️⃣ View Your Comparison

💡 Pro Tip: Loan terms vary, so take your time to compare and choose the best option for your needs!

Start Comparing Private Loans Now

Your Loan, Your Choice!

You’re not limited to lenders on ELM Select—you can choose any lender that fits your needs! Millersville University’s Office of Financial Aid will work with any lender you select. Be sure to check eligibility requirements with your chosen lender.

Want to learn more about private loans? Explore the sections below for details on loan types, application timelines, borrowing amounts, and processing expectations.

You might consider a private student loan if:

• Your financial aid package doesn't cover the full cost of tuition and fees.

• You need extra funds for books, housing, meals, or other educational expenses.

• You’re not meeting Satisfactory Academic Progress (SAP) requirements.

• You're enrolled in a non-degree or certificate program that is not eligible for federal aid.

• You have an outstanding or past-due balance from a previous semester.

• Federal Direct PLUS Loan – Available for parents of undergraduate students or for graduate students themselves.

• Private Parent Loan – For any credit-worthy individual (like a family member) who wants to help pay for your education.

• Private Student Loan – Taken out by the student but usually requires a credit-worthy co-signer.

Want to compare your options? Check out our side-by-side comparison chart.

Not every student's situation is the same, and sometimes, you need a loan that fits your unique needs.

Whether you’re taking fewer classes, pursuing a non-degree program, facing academic challenges, or dealing with past-due balances, there are private loan options available when federal aid is not an option.

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💡 Check out the loan options below to find the best fit for your situation!

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As a borrower, you have the right to select any lender you choose, and the Millersville University Office of Financial Aid will be happy to process any loan for students.  Other lenders may have the same eligibility allowances as those listed above.  Please check with the lender if you have any questions about eligibility requirements.

What to Look for in a Lender

• Interest Rates: Compare both fixed and variable options. Lower isn’t always better if it comes with stricter repayment terms.

• Repayment Flexibility: Look for repayment plans that match your expected financial situation after graduation.

• Deferment and Forbearance Policies: Not all lenders offer the same support if you hit financial hardship.

• Cosigner Release: Some lenders allow your cosigner to be removed after a set number of on-time payments—this can be a major plus.

• Customer Service Reputation: Reviews and rankings can give you insight into how well a lender supports borrowers.

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Key Advice Before You Decide

• Apply with a Cosigner: Even if you don’t need one, applying with a credit-worthy cosigner could help you secure better terms.

• Use Loan Comparison Tools: Sites like ELM Select let you view side-by-side comparisons to simplify your decision.

• Ask Questions: Don’t hesitate to contact lenders directly and ask about fees, timelines, or terms you don’t understand.

• Think Long-Term: A lower rate today is great—but make sure the loan still works for you over the next 10+ years.

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Remember: It’s Your Choice

Millersville University does not endorse any specific lender. You can apply with any lender of your choice—even those not listed on ELM Select. The Financial Aid Office will process loans from any eligible lender, so choose the one that works best for you.

1. Estimate How Much to Borrow

Before applying, compare your Cost of Attendance (COA) with the financial aid you’ve already been awarded. The difference is the maximum you can request in a private loan.

How to Estimate:

• Use your Fall charges as a baseline. Multiply by 2 for a Fall/Spring estimate.

• Add Summer costs if you're enrolling in Summer/Fall/Spring.

• Subtract all grants, scholarships, and federal loans to find your private loan need.

📌 Important: Once a private loan is certified, you can’t increase the amount. You’ll need to submit a new application if you need more funds later.

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2. Time Your Application Right

To avoid delays or expired credit approvals:

• Apply within 180 days of the semester start date.

• Be sure your course schedule is finalized before applying.

• Avoid applying too early—credit approvals typically expire after 90–180 days.

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3. Why Apply for the Full Academic Year?

If you're enrolled for multiple terms (e.g., Fall/Spring or Summer/Fall/Spring), apply for the full academic year in one application. Here's why:

• You only apply once per year.

• Fewer credit checks help protect your credit score.

• You ensure consistent funding and avoid delays between terms.

Use these loan period guidelines:

• Fall/Spring: Select Period August–May

• Summer/Fall/Spring: Select Loan Period May–May

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Want Help Estimating Your Loan?

Use our tools to calculate your needs:

• 📄 Download the Loan Estimation Worksheet (PDF)

Or contact our Financial Aid Office for one-on-one guidance!

Your loan will always be processed based on the loan period you select on your application. However, if we have questions about the loan period selected, your loan will remain unprocessed until we receive clarification.

• Check your Financial Aid Requirements in MAX to see if we need more information.
• If additional details are needed, email our office to resolve the issue.

Professional Judgement: In some cases, professional judgment may be used to benefit and act in the best interest of the student. Some examples are:

• Adjust the loan period to preserve interest subsidies on federal loans.
• When a loan term is not specified or it is clear the wrong loan period was selected, your loan period will default to the full academic year in which you are enrolled at the time we certify the loan or the period that benefits the student the most. 

To avoid having your loan certification on put hold or a professional judgment from being used, follow the guidelines below based on your total enrollment for the academic year:

💡Pro Tip: The academic year spans the Summer, Fall, Winter, and Spring semesters.

Summer Only: 05/2025 - 08/2025

Select this option if you are graduating at the end of the summer emester or if you do not have the Subsidized Student Loan Offered to you.

• 📢 There are multiple summer sessions but only one disbursement date. Make sure to calculate how much you will need for all courses you plan to be enrolled. If you need help, email us. 
• 💻 Apply after April 15, 2025.

Summer/Fall: 08/2025 - 12/2025 

Select this option if you will be enrolled for the summer and fall semesters. If you are graduating, contact our office so we can make sure your federal loans are accurate before you apply.

• 📢 There are multiple summer sessions but only one disbursement date. Make sure to calculate how much you will need for all courses you plan to be enrolled in, including fall. If you need help, email us. 
• ⚠️ Avoid applying per semester if you have been offered a Subsidized Student Loan, as you will risk losing the interest subsidy. 
• 💻 Apply after May 1, 2025.

Summer/Fall/Spring: 05/2025 - 05/2026 

Select this option if you will be enrolled for the entire academic year.

• 📢 There are multiple summer sessions but only one disbursement date. Make sure to calculate how much you will need for all courses you plan to be enrolled in, including fall and spring. If you need help, email us. 
• ⚠️ Avoid applying per semester if you have been offered a Subsidized Student Loan, as you will risk losing the interest subsidy. 
• 💻 Apply after May 1, 2025.

Fall/Spring: 08/2025 - 05/2026 

Select this option if you will be enrolled for the standard academic year.

• ⚠️ Avoid applying per semester if you have been offered a Subsidized Student Loan, or you will risk losing the interest subsidy. 
• 💻 Apply after May 1, 2025.

Fall Only: 08/2025 - 12/2025

Select this option if you will be enrolled for the Fall semester only.

• Apply after May 1, 2025.

Winter Only: 12/2025 - 01/2026

Typically, students don't know if they plan to take winter classes when they apply for their loans at the beginning of the year. No worries!

• 🗣️Check with your lender to see if you can increase your existing loan.
• 🆕If you need to apply for an additional one, use the winter-only loan period. 
• 💻 Apply after October 1, 2025.

Spring Only: 01/2026 - 05/2026

Select this option if you will only be enrolled for the Spring semester.

• 🧑‍🏫 Spring-only loans are typically used by Transfer Students or New Students beginning their enrollment at the end of the academic year.
• 💻 Apply after October 1, 2025.

Tips for Borrowing:

• If you’re unsure how much you’ll need, it’s okay to estimate—we can help you figure it out based on your enrollment and housing plans.
• Interest only accrues on the amount disbursed to the school.
• If you borrow more than you need, you can return the extra funds to Millersville University, and we’ll send it back to the lender as if you never borrowed it.

Important Reminder:

It’s EXTREMELY IMPORTANT to select the correct loan term dates to ensure accurate processing. Choose wisely to avoid delays or issues with your loan disbursement.

You can apply for a private student loan directly through the lender of your choice. Applications are available on the lender's website. If you have any questions about the application process, please contact the lender directly.

Application Process & Timeline:

1. Complete the Self-Certification:

   • Federal regulations require you to complete a self-certification form if it wasn’t done during the application process.

2. Loan Approval & Certification:

   • Once approved by the lender, your loan information is sent to Millersville University for certification.
   • Certification typically takes 5-10 business days, depending on the volume of loans we are processing.

3. Approval Disclosures:

   • After certification, the lender will send you an approval disclosure. You must respond to this disclosure to proceed.
   • The lender will then send a final (third) disclosure. You will have 3 business days to rescind (cancel) the loan if needed.

4. Final Approval & Disbursement:

   • You must complete ALL required documents with your lender, and Millersville University must receive final approval before your loan can be credited to your semester bill.
   • If your loan is listed on your financial aid award but isn’t showing as a credit on your bill, contact your lender first to check on the status of your documents. No exceptions will be made.

Applying for a private loan can take time, so be sure to start early and stay on top of all required steps!

Processing times depend on when you apply and the loan period you select. Here’s what to expect:

• Standard Processing: Allow 2-4 weeks once the lender notifies Millersville of your eligibility.
• Peak Times (April-September): Allow 4-6 weeks due to high application volume.

Certification Process:

• Applications are processed in the order the Office of Financial Aid receives them after credit approval from the lender.
• To be certified, you must have your enrollment confirmed and no outstanding requirements with Millersville University.
• Once the loan is certified, the lender is notified and will then send final approval back to the school.

Checking Your Loan Status:

You can track the amount borrowed and the disbursement status on your lender’s website. If you have any questions about your loan’s progress, check there first!

Loan Disbursement to the School

All loans are disbursed after the first week of classes, once the add/drop period ends.

Exceptions for Study Abroad Students:

Early disbursement is only available for students studying abroad if all of the following conditions are met:

• The student requests early disbursement in a timely manner.
• Proof of study abroad enrollment is provided.
• Documentation of departure date and time is submitted.

Note: The earliest disbursement is 30 days before your departure date. No exceptions will be made to this policy.

Application and Solicitation Disclosure Statements

Application and Solicitation Disclosure Forms as required under Title X of the Higher Education Opportunity Act. Please click on the ELM SELECT link for private student loan information, including the loan application and Solicitation Disclosures, which list their conditions, fees, and interest rates.

MILLERSVILLE UNIVERSITY STUDENT LENDING CODE OF CONDUCT

Millersville University is committed to providing students and their families with honest and unbiased information about student loans. To ensure there are no conflicts of interest between university staff and education loan lenders, Millersville University follows these strict guidelines:

• No Revenue-Sharing Agreements:
  Millersville University does not participate in revenue-sharing with any lender. This means the university receives no financial benefit from recommending or promoting any lender’s loans.

• No Gifts or Compensation:
  Officers, employees, or agents involved in student loans cannot accept gifts of more than a nominal value from any lender, guarantor, or servicer. This includes money, goods, or services. Additionally, they cannot receive payment or financial benefits (like stock options) from lenders for consulting or providing services related to education loans.

• No Advisory Board Influence:
  Staff members cannot accept anything of value for serving on a lender’s advisory board, commission, or group. However, they may receive reasonable reimbursements for travel or expenses related to participating in such groups, as long as these reimbursements come directly from the lender.

• No Lender Assignment for Borrowers:
  Millersville University does not assign a lender to any first-time borrower, whether through financial aid packaging or other means. Students are free to choose any lender they wish to finance their education.

• No Loan Certification Bias:
  The university will not refuse, deny, or delay loan certification based on a student’s chosen lender or guarantor. All loans are processed equally regardless of the lender selected by the student.

• No Offers of Funds or Staffing Assistance:
  Millersville University will not request or accept offers of funds from any lender in exchange for loan volume, Title IV loans, private loans, or preferred lender status. Additionally, the university will not accept staffing assistance for the financial aid office or call center from any lender.

These guidelines maintain integrity, transparency, and fairness in student lending, ensuring students receive impartial financial aid information and can make the best financial decisions for their education.