Private student loans are structured similar to Federal Direct Loans and offer competitive interest rates based on credit. Repayment options are similar to Federal Direct Loans and offer extended repayment terms of 15 to 20 years. Due to higher interest rates, guarantee fees, and extended repayment options, private student loans can cost the student more than Federal Direct Loans. Private student loans will also increase a student's overall debt, making it difficult to manage repayment of student loans and could adversely affect the student's future credit rating.

Eligibility

When certifying and determining your eligibility for a private student loan, any eligibility (offered or accepted) for federal, state, or institutional financial aid is subtracted from your cost of attendance. The private loan amount requested may not exceed the remaining cost of attendance:

Cost of Attendance  -  Eligibility for Other Financial Aid  =  Private Loan Eligibility

Example: Student applies for a private student loan for $18,000. Your 'cost of attendance' (determined by UWG) is $21,000. Your eligibility (does not indicate amount accepted) for all other financial aid is $10,000. We can only certify your private student loan for up to $11,000. 

Common Lenders

The table below is designed to assist students in identifying private student loans that are available to student at UWG. Students should proceed with caution when accessing private student loan opportunities. While we have provided a list of borrowers, this does not mean that you cannot borrow from other sources. We will certify loans that are not offered on our list and you are not required to select a borrower from the list provided below. 

The UWG Financial Aid Office has looked at the following 5 criteria points before including the lenders on the list: 
1. Eligibility of international students
2. Eligibility if a student is less than 1/2 time*
3. Lender providing a co-borrower release process
4. Eligibility for students not making Satisfactory Academic Progress (SAP)*
5. Lender providing deferred payment options to enrolled students

*Note: UWG is required to reject loan requests for students who have not met the academic conditions that are specified by the lender. The acceptance of the application by a lender does not guarantee eligibility for a loan.

 
Lender Contact Info. Website Requires
SAP
Requires
1/2 time
Eligibility of
International Students
Co-Borrower
Release
Deferred Payment Option
Discover Student Loans
1.877.728.3030
www.discover.com/student-loans Yes Yes Not eligible Does not offer Yes, if enrolled 1/2 time
Sallie Mae
1.800.695.3317
www.salliemae.com No No Eligible with a U.S. citizen co-borrower Offers Yes
SunTrust
1.866.232.3889
www.suntrusteducation.com No Yes Not eligible Offers Yes
Union Federal
1.866.513.8445
www.ufpsl.com No Yes Eligible with a U.S. citizen co-borrower Offers Yes
Wells Fargo
1.800.658.3567
www.wellsfargo.com/student No No Eligible with a U.S. citizen co-borrower Offers Yes
  • Lender Contact Info.: Discover Student Loans
    1.877.728.3030
    Website: www.discover.com/student-loans
    RequiresSAP: Yes
    Requires1/2 time: Yes
    Eligibility ofInternational Students: Not eligible
    Co-BorrowerRelease: Does not offer
    Deferred Payment Option: Yes, if enrolled 1/2 time

  • Lender Contact Info.: Sallie Mae
    1.800.695.3317
    Website: www.salliemae.com
    RequiresSAP: No
    Requires1/2 time: No
    Eligibility ofInternational Students: Eligible with a U.S. citizen co-borrower
    Co-BorrowerRelease: Offers
    Deferred Payment Option: Yes

  • Lender Contact Info.: SunTrust
    1.866.232.3889
    Website: www.suntrusteducation.com
    RequiresSAP: No
    Requires1/2 time: Yes
    Eligibility ofInternational Students: Not eligible
    Co-BorrowerRelease: Offers
    Deferred Payment Option: Yes

  • Lender Contact Info.: Union Federal
    1.866.513.8445
    Website: www.ufpsl.com
    RequiresSAP: No
    Requires1/2 time: Yes
    Eligibility ofInternational Students: Eligible with a U.S. citizen co-borrower
    Co-BorrowerRelease: Offers
    Deferred Payment Option: Yes

  • Lender Contact Info.: Wells Fargo
    1.800.658.3567
    Website: www.wellsfargo.com/student
    RequiresSAP: No
    Requires1/2 time: No
    Eligibility ofInternational Students: Eligible with a U.S. citizen co-borrower
    Co-BorrowerRelease: Offers
    Deferred Payment Option: Yes

Each lender has its own methods for determining repayment options and interest rates, but applying for several private loans can also impact your credit score, so it is important to shop responsibly! For more information about responsible private loan shopping and how private loan applications can impact your credit, please visit: http://www.myfico.com/crediteducation/creditchecks/inquiries.aspx