{"id":6742,"date":"2019-10-14T15:24:54","date_gmt":"2019-10-14T19:24:54","guid":{"rendered":"https:\/\/www.ucf.edu\/financial-aid\/?page_id=6742"},"modified":"2025-12-10T14:11:37","modified_gmt":"2025-12-10T19:11:37","slug":"optional-private","status":"publish","type":"page","link":"https:\/\/www.ucf.edu\/financial-aid\/types\/loans\/optional-private\/","title":{"rendered":"Optional or Private Loans"},"content":{"rendered":"\t\t\t<div class=\"container my-4 my-sm-5\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<p class=\"lead\">The Optional Loan is a credit-based private loan for undergraduate and graduate students in which the approval and interest will be based on the borrower\u2019s creditworthiness.<\/p>\n<p>These loans can vary in terms, conditions and eligibility requirements. Therefore, Optional Loans should be considered as a last resort for educational purposes after all other federal aid options have been exhausted (grants, scholarships and Federal Stafford Loans).<\/p>\n<h2 class=\"mt-4 pt-4 mb-4\">Eligibility Requirements<\/h2>\n\t\t\t<div class=\"row\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t<div class=\" col-lg-8 col-xl-9\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<ul>\n<li>Student and\/or co-signer must be creditworthy as determined by the lender<\/li>\n<li>Eligibility criteria may vary per lender (citizenship, degree-seeking, Satisfactory Academic Progress, and enrollment). We advise that students research to understand the terms and conditions of the loans from the lenders.<\/li>\n<li>The Optional Loan combined with other aid cannot exceed the total estimated Cost of Attendance.<\/li>\n<li>Loan application process with lender must be completed before school can certify and award the loan.<\/li>\n<\/ul>\n\t\t\t<div class=\"alert alert-info mt-3 mb-4\"\n\t\t\t\t\t\t\t\t\t>\n\t\t\t\t\n<p class=\"mb-0\"><strong>NOTE:<\/strong> International students must have a valid Social Security Number or an Individual Tax Identification Number (ITIN). Students can apply for an ITIN by <a class=\"alert-link\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-w-7\" target=\"_blank\" rel=\"noopener\">filing a W-7 with the Internal Revenue Service<\/a>.<\/p>\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\" col-lg-4 col-xl-3\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<section class=\"ucf-section ucf-section-general-eligibility-callout mb-4 mb-md-5\">\n\t\t\t\t\t\t\t\t<div class=\"card card-outline-info\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card-block d-flex align-items-start\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<span class=\"lead mr-3 d-flex align-items-start\">\t\t\t<span class=\"fa fa-info-circle text-info\" aria-hidden=\"true\"><\/span>\n\t\t<\/span><br \/>\n<span>Before you apply for any type of financial assistance, make sure you meet the <a href=\"https:\/\/www.ucf.edu\/financial-aid\/receive\/eligibility\/\">general eligibility requirements<\/a>.<\/span><br \/>\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<\/section>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"jumbotron jumbotron-fluid bg-primary mb-0\"\n\t\t\t\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"container\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<section id=\"optional-apply\" class=\"auto-section\" data-section-link-title=\"Apply\">\n<h2 class=\"h1 font-slab-serif mb-4\">How to Apply for Optional or Private Loans<\/h2>\n\t\t\t<div class=\"row\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"pr-lg-5 col-lg-7 col-xl-8\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<ol class=\"section-list icon-list icon-list-numbered\"><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>Students must <strong>accept, reduce or decline any offered <a class=\"bg-primary-link\" href=\"https:\/\/www.ucf.edu\/financial-aid\/types\/loans\/stafford\/\">federal Direct Stafford loans<\/a><\/strong> before a private loan can be processed for the same loan term.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p><strong>Contact the chosen lender directly to apply<\/strong> and complete all required documents.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>Acceptable loan periods* are either <strong>Fall or Spring<\/strong>, <strong>Fall\/Spring combined<\/strong>, or <strong>Summer only<\/strong>. Students must apply separately per loan period. Summer loans <strong>can not<\/strong> be combined with Fall or Spring loans in our system and must always be applied for separately. Do not apply more than 6 weeks before the semester begins to avoid credit check expiration.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>Use the Â鶹ӳ»­´«Ã½ main campus branch code when applying: <strong>003954-00<\/strong>.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p><strong>Complete and submit all required documents to the lender<\/strong>, including the following disclosure forms:<\/p>\n<ul class=\"mb-4\">\n<li><a class=\"bg-primary-link\" href=\"https:\/\/www.ucf.edu\/financial-aid\/document\/private-loan-self-certification-form\/\">Self-Certification Form<\/a>. Students may obtain the total financial aid awards from the myÂ鶹ӳ»­´«Ã½ View Financial Aid screen.<\/li>\n<li>Application Disclosure<\/li>\n<li>Approval Disclosure<\/li>\n<li>Final Disclosure<\/li>\n<\/ul>\n<p>Remember to review all terms of the disclosure statements for interest rates, fees, loan balance, and number of payments.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>After the full loan application process with the lender is complete, the lender will send the School Certification request to Â鶹ӳ»­´«Ã½ for final approval. Please note that we will not begin to process Optional\/Private Loans until AFTER the add\/drop period of each semester.<\/p>\n<\/div><\/li><\/ol>\n\t\t\t<a class=\"btn btn-secondary btn-lg px-2 px-sm-4\"\n\t\t\thref=\"https:\/\/www.elmselect.com\/link\/query?schoolId=788\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>\n\t\t\t\tView List of Lenders\t\t\t<span class=\"fa fa-external-link\" aria-hidden=\"true\"><\/span>\n\t\t\t\t\t<\/a>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"mt-4 mt-lg-0 col-lg-5 col-xl-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card border-0 small mb-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card-block pb-0 pt-4 px-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<h3 class=\"h6 letter-spacing-3 text-uppercase mt-2\">*Loan Award Year Periods<\/h3>\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"card-block p-0 px-sm-4 pb-sm-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<section class=\"ucf-section ucf-section-loan-award-year \" data-section-link-title=\"Loan Award Year Periods\" aria-label=\"Loan Award Year Periods\">\n\t\t\t\t\t<p>&nbsp;<\/p>\n<table class=\"table-sm mb-0 table\">\n<caption class=\"sr-only\">Loan award year periods<\/caption>\n<thead>\n<tr>\n<th style=\"width: 725px\">Loan Period<\/th>\n<th style=\"width: 348px\">Start Date<\/th>\n<th style=\"width: 318px\">End Date<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Fall 2025<\/td>\n<td>8\/18\/25<\/td>\n<td>12\/06\/25<\/td>\n<\/tr>\n<tr>\n<td>Fall 2025<br \/>\n&amp; Spring 2026<\/td>\n<td>8\/18\/25<\/td>\n<td>5\/05\/26<\/td>\n<\/tr>\n<tr>\n<td>Spring 2026<\/td>\n<td>1\/12\/26<\/td>\n<td>5\/05\/26<\/td>\n<\/tr>\n<tr>\n<td>Summer 2026<\/td>\n<td>5\/11\/26<\/td>\n<td>7\/31\/26<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n\t\t\t\t\t<\/section>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"card border-0 text-center mb-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card-block p-5\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<h2 class=\"h6 text-uppercase font-weight-normal letter-spacing-3 mb-4\">Â鶹ӳ»­´«Ã½ School Code:<\/h2>\n<p class=\"h4 mb-0\">003954<\/p>\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4,"featured_media":0,"parent":6609,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-fullscreen.php","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-6742","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Optional or Private Loans | Â鶹ӳ»­´«Ã½ Office of Student Financial Assistance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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