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Private Educational Loan

Private Educational Loans (PVL) are credit-based private loans that are obtained through a lending institution of your choice.

  • 注意: A PVL is not part of the federal direct loan program.
  • 如果你追求PVL, you are limited to borrowing up to the cost of attendance minus other aid received. 
  • Cedarville University will process PVLs from any lender you choose.

To obtain a PVL the student must:

1. Research 和 Select a Lender

  • Cedarville University cannot recommend one lender above another, however you may search for a lender by either:
    1. FASTChoice tool, which lists 20+ lenders Cedarville families have borrowed from in the past year, is an online tool provided by Great Lakes Educational Loan Services, Inc., or
    2. A lender of your choice (example: your private bank)
  • It is best to know which lender you want to borrow from 之前 Cedarville's Cashier's office posts the semester's bill.
    1. The process of obtaining a PVL can take about 2-6 weeks.
  • 借阅技巧:
    1. You can borrow for one term (example: fall or 春天) or for a full year (example: fall 和 春天).
    2. Once the semester's bill is posted, you will then know how much to borrow for that one semester, or you can estimate what you will need for the academic year by doubling the fall bill amount. (请邮件 loans@babyzne.com for questions related to borrowing a PVL for summer term.)
      • 注意: Your bill is a "live" bill not a "static" bill, 作为课程费用, 校园商店收费, 汽车登记, 等. could change the amount of your bill throughout the semester. It is the student's responsibility to regularly check their bill to ensure they are in good st和ing with the university.
    3. You may not borrow above the cost of attendance minus other aid received.
      • 例如, if the cost of attendance for fall 和 spring is $40,000, 和 the student is receiving $15,000英镑奖学金, 奖助金, 还有其他帮助, 然后是剩下的25美元,000 is the maximum amount you may request in a private loan 这一年.
      • 再一次。, if you want to borrow a "fall only" or "spring only" private loan, 和 the 1-term cost of attendance is $20,000, 和 the student is receiving $7,500美元奖学金, 奖助金, 还有其他帮助, 然后是剩下的12美元,500是最大值 amount you may request in the 1-term private loan.
  • 请参阅我们的 PVL常见问题解答 页面 to help refine your thoughts more.

    2. Complete the Private Education Loan Application

    • Most lenders require an established credit score, as this is directly correlated to the established interest rate of your loan (example: better credit score, 更好的利率).
    • If the lender requires an established credit score, but the student does not have one, a cosigner may provide the credit score.

    3. 贷款认证

    • Once all required loan documents are completed, the lender will send Cedarville a "Certification Request."
    • Our office will review the following 之前 certifying the private loan:
      1. Ensure the student made decisions (either "Accepted" or "Declined") on their federal loans on their 金融援助 页面.
        • If the student has not "Accepted" or "Declined" all their federal loans (especially their federal student loan(s)), we will send the student an email requesting they do so. We will not certify the loan until they have done so.
        • Students may borrow a combination of federal 和 PVLs, however the total combined amount of aid may not exceed the total cost of attendance.
      2. Review 和 confirm that the certification loan requested amount does not exceed the cost of attendance (见上图).
        • If the student has requested more than they are eligible for with the cost of attendance maximum, then our office will certify a reduced amount.
      3. Ensure the student has requested the loan for the correct academic period.
    • Once we certify the loan, we will place it on the student's account as 'Pending' until we receive notice from the lender that the funds have been sent to the university.

    4. 贷款支付

    • After the loan is certified by Cedarville, there is a 最少3天 之前 aid is disbursed, to adhere to the Final Approval Disclosure. This allows the borrower the right to cancel the loan 之前 it disburses.
    • Once our office receives the disbursement information, we will change the private loan status from "Pending" to "Actual" on the student's account.