Loan Disclosure Information
Excelsior University policies and procedures pertaining to private loans.
These are institutional policies and may differ from policies set forth by the lenders.
General Private Loan Information
- After a private loan is certified, it will be disbursed once each trimester.
- The first disbursement will take place 10-12 business days after the loan is certified, but no earlier than three weeks prior to the start of a trimester.
- Eligibility is defined as an enrolled student with course approvals in place for the upcoming trimester.
- To be eligible for subsequent disbursements, a student must attempt the anticipated credits in the previous trimester.
Course Takers
- Students receiving private loans in addition to federal aid may receive funding up to their cost of attendance as determined by the financial aid office.
Exam Takers
- Loan disbursement amounts will be based on the amount of credits anticipated (approximately $220 per credit hour).
Choose Your Lender
Every student at Excelsior University has the right to choose the lender of their choice.
- Excelsior University only recommends lenders who do not sell their loans to another lender later since borrowers can and do lose certain benefits when lenders sell students’ loans to other lenders.
- Excelsior continuously monitors the service our students receive from the lenders on our list and encourages feedback regarding experiences with all lenders. The financial aid office reviews the listing of lenders on an annual basis.
- As these lenders are all independent entities, Excelsior University cannot guarantee their services, and no guarantee is given or implied that these particular lenders have the lowest available rates.
Questions to Ask Lenders
Choice of lender is in all cases the borrower’s responsibility. Excelsior University provides the same treatment and service to all student and parent borrowers, regardless of the lender they select. To help you make an informed decision, we recommend that you ask prospective lenders about their practices. Here are a few questions and the reasons for asking them:
Fees that are deducted up-front will cost you money because you will not have received all of the money you have borrowed.
All savings are desirable. However, some benefits only happen during repayment when you are finished with school. Many of these back-end benefits (benefits that accrue after repayment begins) are tied to on-time payments and can be lost if you miss or are late on one payment.
Incentives offered to borrowers who make 48 consecutive on-time payments sound attractive, but it may be very difficult to meet those requirements. If you are just a few days late with only one payment, the benefit usually becomes unavailable.
Loans can be sold without the borrower’s permission, and this can leave the borrower with a lender that does not provide the same quality service as your original lender. Excelsior University strongly recommends borrowing from lenders who provide service over the life of your loan and who will not sell your loan.
It’s important that you be able to ask questions and get help from a lender at times that fit into your own schedule.
