Student loans are an investment in your future.
You must repay your loan, so be sure you understand your options and responsibilities.
If you apply for financial aid, you may be offered loans as part of ODU's financial aid offer. A loan is money you borrow and must pay back with interest.
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Learn more about the differences between federal and private student loans.
Federal Student Loans
Will you need a loan? If so, think Federal aid first! Federal loans usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.
Private Student Loans
Private loans are non-federal loans made by a lender such as a bank, credit union, state agency. etc. that must be repaid with interest many while student is still in school.
The private lenders provided are set up to facilitate efficient, electronic processing and disbursement of funds directly to your student account. We provide this list as a guide to you; however, you are free to choose another lender without penalty. (ODU does not discriminate against lenders and will certify loans from any private lender provided the student meets the lender's eligibility requirements.)
Old Dominion University's historical list consists of private loan lenders that have been used during the past 3 years.
Before you apply for a Private Loan, you should exhaust your eligibility for Federal loans (Stafford, PLUS, and Grad PLUS) as they are typically less expensive and offer flexible repayment options.
The lenders on the attached list are setup to facilitate efficient, electronic processing and disbursement of funds directly to your student account. We provide this list as a guide to you; however, you are free to choose another lender without penalty.
Private Loan certification will be completed if all the following criteria are met.
- The student is degree seeking
- The student is enrolled at least half-time
- The loan is for the current semester/loan period or to satisfy past due balances for the previous semester only
- The loan disbursements are split for fall and spring semesters
- The student is meeting Satisfactory Academic Progress (SAP) as determined by the Financial Aid Office
Private Loan processing time is 4 - 6 weeks
Managing your Loan
Navigate the student loan repayment process with confidence: make payments, change repayment plans, explore options, and get help.
Learn MoreSTUDENT LOAN RELIEF EXTENSION
Student Loan Payment Suspension Extended Through May 1, 2022
In December, the Department of Education extended the Student Loan Payment Pause through May 1st, 2022. This relief suspended payments and changed the interest rate to 0% for all eligible loans. Students may still make payments if you choose. Read the borrower Q&As to learn more.
For additional information and to prepare for repayment access the following website: https://studentaid.gov/announcements-events/covid-19
Covid-19 Resources