Private Loans

A student may wish to borrow additional funds to help finance his or her cost of education. The Office of Financial Aid recommends that students use the maximum federal loans for which they are eligible before turning to private loans. Families should discuss the advantages and disadvantages of private loans versus PLUS loans before deciding on a loan product. Families should also consider using the college payment plan before applying for a private loan.

Common Private Loan Features

  • The loan is in the student's name.

  • A credit check needs to be approved in order to borrow funds.

  • Repayment is usually deferred until after graduation, with interest accruing on the loan while the student is enrolled.

  • Most loans will require a cosigner. The interest rate and fee charged are based on both the student's as well as the cosigner's credit and the interest rate may be variable or fixed.

  • The maximum a student may borrow is the difference between the cost of attendance and total financial aid.

  • Application is the student's responsibility. Please keep in mind that the application should be processed in a timely manner so that the funds can be credited to the student's account by the payment due date. Due to lender disclosure regulations, allow for a three week minimum turn around time.

Loan and Lender Information

Students may borrow private education loans from any lender of their choosing. The Office of Financial Aid recommends that students shop around and compare products and services. The following is a neutral, comprehensive list of lenders that have made loans to W&J students over the past five academic years ( 2008-2009, 2009-2010, 2010-2011, 2011-2012, 2012-2013). Lenders who are no longer offering private loans have been excluded from this list.



   Butler Armco Employees Credit Union


    Citizens Bank


    Clearview FCU


    Discover Student Loans

    Discover loan disclosures


    Discovery FCU



     (called CU Student Loans)


      Eli Lilly Federal Credit Union


     Erie Federal Credit Union


     Fifth Third Bank


     Members First Federal Credit Union

     1-800-283-2328 ext 6040

     Mountain America Federal Credit Union


     Nellie Mae


     Northwest Federal Credit Union


     Pentagon FCU



PNC Loan Disclosures     


     Sallie Mae

     Sallie Mae loan disclosures



     Sun Trust application disclosures


     Tobyhanna Army Depot Federal Credit Union


     Union Federal Private Student Loan

Union Federal Disclosures     


     Washington Community Federal Credit Union


     Wells Fargo

     Wells Fargo application disclosures


It is important that students read the fine print on all promissory notes before signing to ensure full understanding of the loan terms. Students can use the "How to Choose a Private Loan" worksheet published by Consumers Union, the publisher of Consumer Reports, to assist in evaluating the cost of different private loans. Borrowers are also encouraged to review "Student Loans: Avoiding Deceptive Offers" published by the Federal Trade Commission & US Department of Education before borrowing a private loan.

If a private loan application is credit approved and a promissory note is completed, the lender will contact W&J for certification. This entails confirming the loan amount and disbursement dates. A revised financial aid award letter will be mailed to the student indicating the certification of the loan when it is completed.

All schools are required to provide the Self-Certification Form to an enrolled or admitted student upon request of the applicant for a private education loan. This form will need to be completed and returned to the lender along with the loan application. Forms are also available from lenders. If information is needed from the Office of Financial Aid to complete this form, please contact us.