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Financial Aid and Scholarships

Private Loans

Private student loans are loans funded by banks, credit unions or state agencies. Private loans should be used to fill in any gaps in the cost of college after all federal options have been used.

Review Your Options

Private loans are available to all students enrolled in a degree-eligible or approved certificate program and in some cases, parents may also qualify to borrow. Before taking out a private loan, it's important to do your research. Often, it's best to first determine your eligibility for federal financial aid. One key benefit of federal loans is that the federal government places a cap on interest rates. In contrast, private loans may lack many of the advantages offered by federal loans, such as consolidation options, loan forgiveness programs, and service agreements. Be sure to compare interest rates, repayment terms, and fees carefully.

Once you've explored all your options, you can apply directly with the lender of your choice. The lender will conduct a credit check and present you with available loan terms. Loan amounts are limited by the student’s cost of attendance minus any other aid. This means that the amount requested may not be the amount that is certified for approval by the school. Some lenders have more specific criteria for enrollment and academic standards concerning satisfactory academic progress.  For more criteria, check with your lender. 

Private Loan Processing  

Processing time for private loans vary, but on average you can expect it to take 2 to 3 weeks from the time you apply to when the school receives the funds from the lender. Peak times are from mid July - August and January during registration periods.  It's best to prepare ahead to avoid delays. 

Few changes can be made to a loan after it has been disbursed by the lender. 

Requesting an increase to a private loan will most often require submitting a new application with your lender. Please contact your lender first.

To update the loan period requested on the private loan application, it must be requested in writing from the student or borrower. If submitted by email from the student, it must be from the student's USC email address. 

Most private loan disbursements are sent electronically via Electronic Funds Transfer from your lender to USC. These funds are applied to the student's account. If there is any excess, after all University tuition and fees are paid, the refund will be released to the student in accordance with the refund dates established by the Bursar's Office. 

If a student or parent borrower wishes to return funds from a private loan that have been disbursed, they must contact their lender directly to learn how they can return the loan funds back to the lender.

 

Previous Loan Providers

Below is an alphabetized list of private student loan lenders our students have used over the past five years. There is no significance attached to where a lender falls on the list, so please research all options available to make an informed decision. You are not limited to the lenders from this listing and may use any lender of your choosing.

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