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