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Application Process: Private Student Loans

Private Student Loan Application Process

When should I begin the process?

We encourage you to start early. You can start the student loan application process once you know what school you will be attending, the Cost of Attendance for the current academic year, and can provide proof of enrollment. You should allow yourself 6-8 weeks from the time of the initial application until your school receives your funds.

How much can I borrow?

The minimum you can borrow is $2,000 per year. The maximum you can borrow is the certified amount determined by your school. The school certified amount is typically the Cost of Attendance (COA) less any other financial aid received.

How do I apply for the e-Student Loans Private Student Loan?

The application process must be completed online at

Do I need to be enrolled in an educational institution to complete the application process?

Yes, you must provide proof of enrollment at an eligible school within the e-Student Loans program to complete the student loan application process.

What proof of enrollment do I need to provide?

If you are a returning student, you must provide an unofficial copy of your most recent graded transcript as proof of enrollment at the school you are attending to complete the application process. If you are an incoming freshman, your school will confirm your enrollment during the certification process.

What proof of income do I need to provide?

You must provide a copy of your two most recent pay-stubs within the last 60 days. Pay-stubs submitted for review must clearly display the following five pieces of information:

  • Employer Name
  • Pay Period
  • Employee Name
  • Gross Income
  • Deductions

Depending on your type of employment or financial situation, we may be able to accept alternate proof of income:

  • If you are self-employed, you must provide a 2010 and 2011 tax return and required schedules.
  • If you are retired, you must provide a pension award letter or 1099R.
  • If you are a commission-based employee, you must provide a 2010 and 2011 W-2 and one recent paystub within the last 60 days.

If the loan is cosigned, only the cosigner needs to submit these documents.


What is school certification?

School certification is normally completed by the financial aid staff and will include information like the Cost of Attendance and the registration status of the student. Certification ensures that the student is not over-awarded in total funding beyond the Cost of Attendance.

Will this loan be certified? 

Yes, all loans are certified with the school.

How does the cosigner complete his/her portion of the application? 

During the student loan application process, cosigners will be asked to create an account and complete their own application. They complete the same application procedures as the borrower for joint-credit.

Will both the borrower and cosigner’s credit be checked? 

Yes. During the student loan application process, and as part of the underwriting process, a credit bureau report is pulled on both the borrower and cosigner. The borrower’s creditworthiness or ability to repay the loan is assessed based on the credit of the borrower, the credit of the cosigner, as well as the borrower’s academic attributes.


What is FACS?

FACS (Fynanz Academic Credit Score) is a proprietary scoring model that assesses borrower creditworthiness by taking into account not only the credit bureau data, but also the student’s academic characteristics such as GPA, course of study, class standing, and year of study.

How do I check the status of my application?

The status of your private student loan consolidation application is available by signing in to your account. Sign into your account at the following link: e-Student Loans.  The green status bar you see immediately after login indicates which state your application is currently in.

What do the stages of the status bar mean?


The borrower started the application but it has not been credit reviewed for one of two reasons:

  • The borrower hasn’t submitted the application yet
  • The borrower invited a cosigner that has yet to complete his/her portion of the application


An initial credit decision is formed on the borrower and cosigner (if applicable)


  • The borrower is conditionally approved
  • The borrower uploads the requested documents


The credit union lender makes a final review of the application


  • The application is final approved
  • The borrower signs the loan agreement and disclosures


The loan disbursement is scheduled

After filling out an application is there a commitment to borrow? 

No. You may withdraw a request at any time and have up to 30 days from the loan disbursement date to return the money and avoid being charged any fees or interest.