Private Loans

Private education loans are designed to provide you with additional assistance for educational costs. When considering private student loans, it is extremely important that you have first exhausted all other financing options such as grants, scholarships, and all types of federal student loan options.

The following table shows that a federal student loan is a better option than a private student loan.

Federal Student Loans vs. Private Loans

For more information on federal vs private loans go to

Selecting a Lender

The University of North Texas does not promote or endorse any private education loan lenders. ELMSelect is a lender-neutral tool which allows you to compare a historically cumulative list of lenders and education loan products that our students have used.

Private Loan Application Process

  • Apply online through ELMSelect or the lender's website (you will receive the Application Disclosure Statement and complete the Self-Certification form).
  • Complete the Financial Fundamentals Module through ElmSelect (this is a UNT recommendation not a requirement).
  • Once your credit is approved and your private loan promissory note has been received by your lender, they will then send UNT an electronic certification request.
  • If you meet all of the lender's requirements, UNT will award your private loan. You will be required to review the loan on myUNT and accept it if all is correct. Additionally, you will be required to complete a Private Loan Counseling module on myUNT before accepting the loan. Once you have accepted the loan, UNT will submit the completed loan certification to your lender for funding. Monitor myUNT for award information.
  • Loans are certified with one disbursement per term.
  • Once your lender receives UNT's loan certification, you will be provided an Approval Disclosure Statement by the lender.
  • Once you accept the Disclosure terms with the lender, you will receive a Final Disclosure Statement (if not available online, the lender must wait 6 days to disburse the loan to the school).
  • The lender will send the private loan funds to UNT once the Right-to-Cancel waiting period has ended (mandatory minimum of 3 days, but most lenders have a 6-8 day Right-to-Cancel period).
  • Disbursement of private loan funds typically takes place ten business days after UNT certifies the loan or ten days before the start of the semester. Private loan funds will be released to your student account only if all loan eligibility requirements are met at the time of disbursement. Once the funds are released to your student account the Office of Student Accounting will initiate your refund process if applicable.
  • For Summer, loan funds will be released in one disbursement on the 1st class day of the session in which you establish the enrollment required by your lender.

Private Loan Regulations

  • Effective February 14, 2010, the Federal Reserve Board approved final rules on Regulation Z* (Truth in Lending Act) that revises the disclosure requirements for private education loans. Private education loans will not include some institutional loans such as tuition payment plans, most short-term institutional loans, or the Emergency Payment option.
  • Under Regulation Z of the Truth in Lending Act, a lender offering private loans for postsecondary educational expenses must first provide a disclosure about loan terms and features at the time of application and must disclose information about federal student loan programs that may offer less costly alternatives. If the initial application reaches an approval status, a second loan disclosure statement must be provided to the student at that time. If a student accepts the loan terms provided in the second disclosure statement, a third final disclosure must be provided when the loan is consummated. 
  • A lender must also provide the student with a minimum 3 day rescission or “Right-to-Cancel” period after the final loan disclosure form is sent to the student. The Right-to-Cancel period means that once UNT has certified your loan and all disclosures are sent, there is a mandatory minimum 3 business day waiting period before the lender may disburse loan funds to the school. Note: If a lender only offers a mailed Final Disclosure (not online), then they must wait 6 days to disburse the loan to the school (3 days for mail time and an additional 3 day rescission or “right-to-cancel” period).
  • An additional piece of the private loan regulations requires an applicant to complete a Self-Certification form and return it to the lender before they may disburse the loan to the school. The Self-Certification form may be found on the lender’s website. Cost of Attendance information from the University of North Texas may be needed for the Self-Certification.

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Important Private Loan Tips

  • Use UNT's loan periods (one application per loan period)
    • Fall/spring term: August-May
    • Fall-only term: August-December
    • Spring term: January-May
    • Summer term: May-August
  • The Free Application for Federal Student Aid (FAFSA) will allow you to apply for lower interest rate William D. Ford Federal Direct Stafford Loan (Direct Loan) Program loans. Student Financial Aid and Scholarships (SFAS) encourages you to complete and apply for Direct loans first. If you will not be completing a FAFSA and do not wish to apply for Direct loans, please notify our office.
  • SFAS encourages you to research several lenders before applying in order to find the best loan for your circumstances as rates, fees, and repayment arrangements vary.
  • Use E-sign if available. If you need to print, sign and submit/mail any private loan documents, be sure to send them to your lender and not UNT.
  • If currently awarded aid to Cost of Attendance through the FAFSA, contact the SFAS office at (940) 565-2302.
  • Keep your personal contact information (address and phone numbers) updated with the Registrar, so SFAS can easily contact you if needed.