{"id":6742,"date":"2019-10-14T15:24:54","date_gmt":"2019-10-14T19:24:54","guid":{"rendered":"https:\/\/www.ucf.edu\/financial-aid\/?page_id=6742"},"modified":"2025-12-10T14:11:37","modified_gmt":"2025-12-10T19:11:37","slug":"optional-private","status":"publish","type":"page","link":"https:\/\/www.ucf.edu\/financial-aid\/types\/loans\/optional-private\/","title":{"rendered":"Optional or Private Loans"},"content":{"rendered":"\t\t\t<div class=\"container my-4 my-sm-5\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<p class=\"lead\">The Optional Loan is a credit-based private loan for undergraduate and graduate students in which the approval and interest will be based on the borrower\u2019s creditworthiness.<\/p>\n<p>These loans can vary in terms, conditions and eligibility requirements. Therefore, Optional Loans should be considered as a last resort for educational purposes after all other federal aid options have been exhausted (grants, scholarships and Federal Stafford Loans).<\/p>\n<h2 class=\"mt-4 pt-4 mb-4\">Eligibility Requirements<\/h2>\n\t\t\t<div class=\"row\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t<div class=\" col-lg-8 col-xl-9\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<ul>\n<li>Student and\/or co-signer must be creditworthy as determined by the lender<\/li>\n<li>Eligibility criteria may vary per lender (citizenship, degree-seeking, Satisfactory Academic Progress, and enrollment). We advise that students research to understand the terms and conditions of the loans from the lenders.<\/li>\n<li>The Optional Loan combined with other aid cannot exceed the total estimated Cost of Attendance.<\/li>\n<li>Loan application process with lender must be completed before school can certify and award the loan.<\/li>\n<\/ul>\n\t\t\t<div class=\"alert alert-info mt-3 mb-4\"\n\t\t\t\t\t\t\t\t\t>\n\t\t\t\t\n<p class=\"mb-0\"><strong>NOTE:<\/strong> International students must have a valid Social Security Number or an Individual Tax Identification Number (ITIN). Students can apply for an ITIN by <a class=\"alert-link\" href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-w-7\" target=\"_blank\" rel=\"noopener\">filing a W-7 with the Internal Revenue Service<\/a>.<\/p>\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\" col-lg-4 col-xl-3\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<section class=\"ucf-section ucf-section-general-eligibility-callout mb-4 mb-md-5\">\n\t\t\t\t\t\t\t\t<div class=\"card card-outline-info\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card-block d-flex align-items-start\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<span class=\"lead mr-3 d-flex align-items-start\">\t\t\t<span class=\"fa fa-info-circle text-info\" aria-hidden=\"true\"><\/span>\n\t\t<\/span><br \/>\n<span>Before you apply for any type of financial assistance, make sure you meet the <a href=\"https:\/\/www.ucf.edu\/financial-aid\/receive\/eligibility\/\">general eligibility requirements<\/a>.<\/span><br \/>\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<\/section>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"jumbotron jumbotron-fluid bg-primary mb-0\"\n\t\t\t\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"container\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<section id=\"optional-apply\" class=\"auto-section\" data-section-link-title=\"Apply\">\n<h2 class=\"h1 font-slab-serif mb-4\">How to Apply for Optional or Private Loans<\/h2>\n\t\t\t<div class=\"row\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"pr-lg-5 col-lg-7 col-xl-8\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<ol class=\"section-list icon-list icon-list-numbered\"><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>Students must <strong>accept, reduce or decline any offered <a class=\"bg-primary-link\" href=\"https:\/\/www.ucf.edu\/financial-aid\/types\/loans\/stafford\/\">federal Direct Stafford loans<\/a><\/strong> before a private loan can be processed for the same loan term.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p><strong>Contact the chosen lender directly to apply<\/strong> and complete all required documents.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>Acceptable loan periods* are either <strong>Fall or Spring<\/strong>, <strong>Fall\/Spring combined<\/strong>, or <strong>Summer only<\/strong>. Students must apply separately per loan period. Summer loans <strong>can not<\/strong> be combined with Fall or Spring loans in our system and must always be applied for separately. Do not apply more than 6 weeks before the semester begins to avoid credit check expiration.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>Use the 166su main campus branch code when applying: <strong>003954-00<\/strong>.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p><strong>Complete and submit all required documents to the lender<\/strong>, including the following disclosure forms:<\/p>\n<ul class=\"mb-4\">\n<li><a class=\"bg-primary-link\" href=\"https:\/\/www.ucf.edu\/financial-aid\/document\/private-loan-self-certification-form\/\">Self-Certification Form<\/a>. Students may obtain the total financial aid awards from the my166su View Financial Aid screen.<\/li>\n<li>Application Disclosure<\/li>\n<li>Approval Disclosure<\/li>\n<li>Final Disclosure<\/li>\n<\/ul>\n<p>Remember to review all terms of the disclosure statements for interest rates, fees, loan balance, and number of payments.<\/p>\n<\/div><\/li><li class=\"icon-list-item\">\n\t\t<span class=\"icon-list-bullet icon-list-bullet-number bg-secondary\" aria-hidden=\"true\"><\/span>\n\t\n\t<div class=\"icon-list-item-content\"><p>After the full loan application process with the lender is complete, the lender will send the School Certification request to 166su for final approval. Please note that we will not begin to process Optional\/Private Loans until AFTER the add\/drop period of each semester.<\/p>\n<\/div><\/li><\/ol>\n\t\t\t<a class=\"btn btn-secondary btn-lg px-2 px-sm-4\"\n\t\t\thref=\"https:\/\/www.elmselect.com\/link\/query?schoolId=788\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>\n\t\t\t\tView List of Lenders\t\t\t<span class=\"fa fa-external-link\" aria-hidden=\"true\"><\/span>\n\t\t\t\t\t<\/a>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"mt-4 mt-lg-0 col-lg-5 col-xl-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card border-0 small mb-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card-block pb-0 pt-4 px-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<h3 class=\"h6 letter-spacing-3 text-uppercase mt-2\">*Loan Award Year Periods<\/h3>\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"card-block p-0 px-sm-4 pb-sm-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<section class=\"ucf-section ucf-section-loan-award-year \" data-section-link-title=\"Loan Award Year Periods\" aria-label=\"Loan Award Year Periods\">\n\t\t\t\t\t<p>&nbsp;<\/p>\n<table class=\"table-sm mb-0 table\">\n<caption class=\"sr-only\">Loan award year periods<\/caption>\n<thead>\n<tr>\n<th style=\"width: 725px\">Loan Period<\/th>\n<th style=\"width: 348px\">Start Date<\/th>\n<th style=\"width: 318px\">End Date<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Fall 2025<\/td>\n<td>8\/18\/25<\/td>\n<td>12\/06\/25<\/td>\n<\/tr>\n<tr>\n<td>Fall 2025<br \/>\n&amp; Spring 2026<\/td>\n<td>8\/18\/25<\/td>\n<td>5\/05\/26<\/td>\n<\/tr>\n<tr>\n<td>Spring 2026<\/td>\n<td>1\/12\/26<\/td>\n<td>5\/05\/26<\/td>\n<\/tr>\n<tr>\n<td>Summer 2026<\/td>\n<td>5\/11\/26<\/td>\n<td>7\/31\/26<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n\t\t\t\t\t<\/section>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<div class=\"card border-0 text-center mb-4\"\n\t\t\t\t\t\t>\n\t\t\t\t\n\t\t\t<div class=\"card-block p-5\"\n\t\t\t\t\t\t>\n\t\t\t\t\n<h2 class=\"h6 text-uppercase font-weight-normal letter-spacing-3 mb-4\">166su School Code:<\/h2>\n<p class=\"h4 mb-0\">003954<\/p>\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n\t\t\t<\/div>\n\t\t\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4,"featured_media":0,"parent":6609,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-fullscreen.php","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-6742","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Optional or Private Loans | 166su Office of Student Financial Assistance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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