A Private Loan is a loan of last resort.  A student should apply for a private loan after all federal loan options have been exhausted including the Parent PLUS loan.  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).  Although we provide a Private Lender List, you can choose any lender that you wish to apply with.

As a faith-based university, we are committed to serving students and parents of Point Loma Nazarene University in a way that brings honor to God and by following business practices that are above reproach.  Each lender listed on our current Private Loan Lender List has recently completed an intensive Request for Information (RFI) process.  They were selected by a panel of PLNU representatives and scored on the basis of the following:

  • Customer Service
  • Borrower Benefits
  • Technology and Safety of Information
  • Value Added Services

As stated above, borrowers may select any lending institution, including those not listed.  The lender list is provided so that our students and parents are aware of which providers have completed the screening process.  We do not accept revenue-sharing, compensation agreements, gifts, or trips from any lending institution.  Any services provided must have a direct benefit or interest to our students.

Private Loans are offered by various lenders who set their own criteria on credit and interest rates.  In most cases the interest rates may be higher than the Federal Direct Loan and PLUS.  To improve your chances of approval and possibly lower your interest rate, you may want to apply with 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 Web site 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 ranges from 0.54% is 1.10% (depending on LIBOR period) effective February 2, 2012. Rates change monthly.
  • If possible, please apply with one lender only.  Applying with multiple lenders may affect your credit.