Private Student Loan Information

Please be sure that you have reviewed and understand your Federal Loans and PLUS Loan options before borrowing in the more costly private loan programs.  Before you consider a private loan, we recommend you determine your eligibility for federal student loans which generally have better terms.

Federal Funding First

You may qualify for Federal education loans.

For additional information, contact your financial aid office or the U. S. Department of Education at:

Student Aid Program Types of Aid


Annual Award Limits

Federal Pell Grant Grant Need based financial aid for undergraduate students. Does not have to be repaid.


Federal Supplemental Education Opportunity Grant (FSEOG) Grant Available to Pell Grant eligible undergraduate students depending on funding availability. Does not have to be repaid.


Federal Work Study Money earned while attending college For undergraduate students; jobs on or off campus depending on funding availability.


Federal Perkins Loan Loan Low interest Loan (5%)Depends on availability


Federal Direct Loan Loan Loan available for undergraduate and graduate students; must be enrolled at least half time to be eligible; must demonstrate financial need to qualify for Subsidized direct loan, which is determined by your FAFSA. Subsidized Direct Loan
Annual limit:
*$3,500 – $5,500
*Depending on your year in school.Unsubsidized Direct Loan
Annual limit:
*$5,500 – $20,500
*Depending on your year in school.
Federal PLUS Loan Loan Available to parents of Dependent undergraduate students (PLUS) and to graduate & professional students (Grad PLUS) enrolled at least half time Maximum loan amount is the cost of attendance minus any other financial aid.

Alternative/Private Loan Programs

Alternative Education Loans, also known as Private Student Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its loan programs.  Private loans are offered by private lenders and are not part of any federal financial aid program.  Spalding University encourages students and their parents to utilize their federal loan eligibility before considering additional funding through alternative/private programs.

Eligibility for a Private Student Loan

To be eligible, you must:

  • Be a U.S. citizen or permanent resident
  • Be at least 18 years of age
  • Must have a positive credit history and/or a creditworthy co-signer
  • Be making Satisfactory Academic Progress

Lenders may also stipulate other eligibility requirements.

  • Annual Loan Limits:  the minimum varies by lender, the maximum is the cost of education less any other financial assistance
  • Interest Rate:  Interest rates are dependent on the credit worthiness of the borrower and co-signer
  • Payment Terms:  You can defer your loan payments until six months after graduation or six months after you cease to be enrolled at least half time.  The repayment period can typically range from 15-25 years depending on the amount owed.
  • Fees:  Fees are dependent on the credit worthiness of the borrower and c0-signer.  They can vary by lender.


Spalding University requires that you complete the Free Application for Federal Student Aid (FAFSA).  The FAFSA may be completed at  Our school code, 001960, will be needed.

Please note that you will be required to complete the Department of Education “self-certification form” before you can complete your private loan application. This form, along with the information you need to complete it, will be provided to you by your chosen lender. You may also obtain this form from the financial aid office.  To complete this on-line, please use the link below.

Private Education Loan Self-Certification