Private Loans

It is important that you pursue your best borrowing option. If you meet the eligibility requirements, the federal student loan programs are almost always a better option than a private education loan. Private loans are usually more expensive than federal loans, so you and your family should consider obtaining a private loan only after exhausting your federal loan eligibility, including Federal Direct Loans (Subsidized and Unsubsidized) and Federal PLUS Loans. 

UNT Dallas does not provide a recommended lender list or endorse any lender. ELMSelect is a lender-neutral platform to display a historical list of lenders and education loan products that our students have used in previous years. The ELMSelect portal can be accessed here or the lender's website to receive the Application Disclosure Statement and to complete the Self-Certification form.

The Federal Student Aid site includes a chart that details the differences between federal loan options and private loans. You can view that chart here. 

Important Private Loan Information

All alternative or private loan applications should be initiated by the borrower via the respective lender's website.

The Process

  • Apply online through the lender's website (you will receive the Application Disclosure Statement and complete the Self-Certification form). If your lender requests additional information, complete and submit any additional information to your lender and not UNT Dallas.
  • Once your loan application is approved and your private loan promissory note has been received by your lender, your lender will then send UNT Dallas an electronic certification request. UNT Dallas will not be sent any information until both of these items are completed by your lender.
  • UNT Dallas will award your private loan and email you to accept your award. After the award has been accepted, the private loan certification request will be sent to your lender for additional processing. Monitor myUNTD for award information.
  • Once your private loan certification has been completed, you will be notified by UNT Dallas to complete Private Loan Counseling in your myUNTD. Private loan borrowers at UNT Dallas are required to complete Private Loan Counseling annually. You must complete the counseling before UNT Dallas can release any of your private loan funding.
  • Once your lender receives UNT Dallas' loan certification, you will be provided with an Approval Disclosure Statement by the lender.
  • Once you accept the Disclosure terms with the lender, you will receive a Final Disclosure Statement.
  • The lender will send the private loan funds to UNT Dallas once the Right-to-Cancel waiting period has ended.
  • Private loan funds will be released to your student account only if all loan eligibility requirements are met at the time of disbursement (no earlier than 10 days before the first day of classes for that payment period), including completion of your Private Loan Counseling.

Important Tips

Below are important points for completing the application and faster processing time.

  • Use UNT Dallas' loan periods (one application per loan period)
    • Fall/spring term: August-May
    • Fall-only term: August-December
    • Spring term: January-May
    • Summer term: May-August
  • Use E-sign if available. If you need to print, sign and submit/mail any private loan documents, be sure to send it to your lender and not UNT Dallas.
  • The FAFSA will allow you to apply for lower interest rate Federal Direct Loan Program. Office of Student Financial Aid and Scholarships encourages you to complete and apply for Direct Loans first.
  • If you will not be completing a FAFSA and do not wish to apply for Direct Loans, please notify our office via email, financialaid@untdallas.edu. 
  • If you are currently awarded aid to your Cost of Attendance through the FAFSA, you may not be eligible for the private loan you requested. 
  • Keep your personal contact information (address and phone numbers) updated with the Registrar, so the Office of Student Financial Aid and Scholarships can easily contact you if needed.
  • The Office of Student Financial Aid and Scholarships encourages you to research several lenders before applying in order to find the best loan for your circumstances as rates, fees, and repayment arrangements vary.

Common Questions

Should I apply for federal aid first?

Yes, you may be eligible for grants and/or federal loans that will assist in educational expenses without having to borrow a private student loan. 

How do I know how much to borrow? 

Only borrow what you need. Take full advantage of awards you receive from the FAFSA, If you still have a balance after accepting all federal, state, and institutional aid, consider a payment plan prior to applying for a private student loan. The Office of Student Financial Aid and Scholarships can only award up to a student's Cost of Attendance. 

How should I choose a lender? 

Choosing a lender will be different for each student. Each lender has different criteria the applicant must meet to be approved for a private student loan. Requirements may include credit history, Satisfactory Academic Progress Status, and enrollment level. Furthermore, each lender offers differing interest rates, repayment options, and other perks.