My school doesn't certify private loans (??)

  1. 0
    Hi Everyone,

    I applied for a student loan for the first time ever. I got approved for private loan from credit union, the website says the next step is for them to send all the information to my college to approve and certify the loan and to determine the dates and amount of disbursement. Then I called my school to ask them how long it takes for them to certify private loans, they said they ONLY certify federal student loans, NOT private loans.

    I really need to know if I can get this loan before I start nursing school next week. So what happens now? Do I automatically get the money sent to my bank account from the credit union lender? How does this work?

    Thank You
  2. 4 Comments so far...

  3. 0
    If your school will not certify the loan, then you will not get the money. You should talk to the financial aid office to find out if you have other options. It's expensive, but you can apply for a personal loan as a last resort. The school has nothing to do with personal loans.
  4. 1
    Many commercial schools are not eligible for participation in governmental student loan programs because they have experienced high rates of default or do not meet other types of eligibility standards. You may want to check this out before you commit to that program.
    GrnTea likes this.
  5. 0
    Quote from HouTx
    Many commercial schools are not eligible for participation in governmental student loan programs because they have experienced high rates of default or do not meet other types of eligibility standards. You may want to check this out before you commit to that program.

    ...and because they are huge moneymakers. Even if you don't pass (and a LOT of their "students" aren't qualified to be there in the first place, so sorry to say), you still have to pay the money. It's usually a lot more than you'd pay a private or public school. If you end up taking out a private loan, may as well make it for a good school. Check the thread on accreditation to get a good handle on that.
  6. 0
    Quote from HouTx
    Many commercial schools are not eligible for participation in governmental student loan programs because they have experienced high rates of default or do not meet other types of eligibility standards. You may want to check this out before you commit to that program.
    I think the op said the school will only certify federal loans. Isn't that the same thing as government loans?


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