Smart Borrowing

PLNU strongly encourages smart borrowing. Students should know the repayment plans before accepting any loans. Loans that show up as "Financial Aid Awarded" on your award letter are maximum amounts; reduced amounts can be accepted. Borrow only what you need! Please take five minutes to go through Financial Awareness Counseling before accepting loans.

Private Loans

A Private Loan is a loan of last resort.  A student should apply for a private loan only after all federal loan options have been exhausted.  It is advisable only if you have no further eligibility for other loan programs and you need more funding. This type of loan is based on your credit. Please be cautious and borrow only what you need for the academic year.  Please click here to view our current Private Loan Lender List (you will be taken to a link outside of PLNU's website).

Private Loans are offered by various lenders, who set their own criteria on credit and interest rates.  In most cases the interest rates are higher than the Federal Direct Loan and Grad PLUS. If you have little or no credit and want to get a lower interest rate, you may be required by the lender to have a co-signer.  Interest rates are based on PRIME or LIBOR plus a percentage tier that may range from 0% to 12% depending on the borrower’s credit and, if required, co-signer’s credit.  Students should research different lenders since the criteria on a Private Loan can vary from lender to lender.

  • If there are any questions regarding the lender's website or process, please contact the lender.
  • To ensure fully informed borrowing, you should refer directly to each lender's loan application and promissory note for exact information regarding terms, assumptions, conditions, eligibility, definitions, and Annual Percentage Rate (APR) or contact your lender.
  • Most lenders use the Prime Rate or LIBOR: The current Prime Rate is 3.25% and LIBOR is 0.95% effective October 10, 2012. Rates change monthly.
  • If possible, please apply with one lender only.  Applying with multiple lenders may affect your credit.