The LSUS Financial Aid Office will begin processing approved private student loans. Students who are approved by a private lender may receive additional funding to help cover tuition costs, if needed.
Private (alternative) loans may be available if you are not eligible for federal financial aid or if you need additional funds to cover your educational expenses. The amount you can borrow is based on your cost of attendance minus any other financial aid you receive.
Private loans are not backed by the federal government and are offered through private lenders which often have higher interest rates and additional fees. Students are not required to complete the FAFSA to receive a private loan.
Lenders will review your credit history and other factors when deciding whether to approve your loan. In some cases, you may need a co-signer. Approval requirements can vary by lender, so you may be approved by one lender but not another.
Private loans may not be the best option for everyone. They can be more expensive than federal loans and should generally be considered only after you have used all other financial aid options, such as federal student loans. If you are thinking about borrowing, it’s important to borrow only what you need and what you feel confident you can repay.
Requirements vary according to lender. Some of the most common borrowing requirements are as follows:
The interest rate options may be fixed or variable rates. Many education loans involve fees, which are usually added to the amount requested to borrow, but sometimes they are deducted from loan proceeds.
Borrowers should consult their lender and read their promissory note carefully to determine the interest rate and fees associated with their loan.
Lenders are often willing to allow deferment of payments while the borrower is enrolled in school at least half-time. During this time, interest may accrue, but the student does not need to make any monthly payments. Students should contact their lender for specific options.
Borrower benefits can significantly alter the cost of a loan. Students should research the fine print on a lender’s borrower benefits and keep up their end of the bargain.
Choose a lender and complete their pre-approval process. You can visit the FastChoice website to begin the private loan application. Please note that not all potential lenders are listed on the FastChoice website, but LSUS can work with any lender you choose.
If you are pre-approved, your lender will notify the school and request loan certification.
The school will review your eligibility based on financial aid guidelines. If you qualify, your loan amount will be determined based on your cost of attendance minus any other financial aid you receive.
Once your loan is offered, it will appear on your myLSUS account under the "Financial Aid Awards" tab. To accept, go to the "Financial Aid Approval" tab. Select the appropriate semester and change the No to Yes and Save Changes.
After you accept the loan, the school will certify it with your lender. Funds will be released after the lender’s required waiting period (called the “Borrower’s Right to Cancel”) and according to federal disbursement schedules.
To apply for a private loan go to the FastChoice website.
It is strongly recommended that students exhaust all Federal student loan eligibility before applying for private student loans. If you are not eligible for any reason to receive Federal Subsidized/Unsubsidized or PLUS loans, you may wish to apply for a private student loan through an outside lender. Many lending institutions offer student loans, and while the eligibility criteria differ for each financial institution, all are credit-based. There is no limit to the amount you may be approved for, unlike the Federal loans, except your award cannot exceed your cost of attendance budget minus other aid. LSUS does not prefer, recommend, promote, endorse, or suggest any lender over the other. You are not required to borrow from any of the lenders on the list and there is no penalty for selecting a different lender, if you prefer.
If you’re eligible for federal financial aid, you’ll need to review your options and decide whether to accept, decline, or adjust those funds before applying for a private loan. Please keep in mind that the Office of Financial Aid at Louisiana State University in Shreveport reserves the right to decline to certify an alternative (private) loan.
Starting a successful career is closer than you think. With exceptional academics and generous financial aid, LSUS allows you to get your degree close to home while launching you to new heights.