Private Education Loans

These loans are not affiliated with APU, and are provided by an external, private lender. They require an application and a credit check. Upon approved credit, the loan is then approved and submitted to the school.

The borrower (usually the student but could be a friend or family member borrowing on behalf of a student) applies for the private loan of their choice through the private loan’s website directly. This application consists of informing which school the funds are for, how much you’d like to borrow, what period the loan is for, and inputting your Social Security Number for the credit check. Once the application is approved, the lender sends the information to APU directly, which takes about 3-5 business days. Once APU receives the application, the loan is then added to your financial aid package.

APU does not utilize a preferred lending list. We are committed to working with any lender you choose that best meets your individual needs. Because there are many lenders available, our research shows that students are best served by having the freedom to shop around and compare options. Instead of directing you to a specific list, we are happy to partner with you to discuss the pros and cons of different lenders in an unbiased way. Our goal is to help you select a loan product that works best for your financial situation, rather than one that is simply the most convenient for us to process.

90% of lenders in the U.S. use FICO scores when determining if a student is approved or denied for a private loan. FICO scores are based on a snapshot of credit behavior at that given time and are subject to change. Most lenders use your FICO score to determine if you will be able to re-pay the loan by looking at your debt to income ratio, they often look at income as well, and use the FICO score to determine your interest rate.

If you do not have established credit or a high enough FICO score to qualify for a loan, you may need a credit worthy co-signer to co-sign the loan you are applying for. You are able to proactively use a co-signer when you first complete the application, or if you’d like to be evaluated first, you can, and then add a co-signer if denied. If you’re looking to improve your financial health, here are some tips:

• Pay bills on time.
• Keep credit balances as low as possible.
• Pay more on your credit card and loans than the monthly minimum.
• Check your credit report frequently – utilize free tools, most banks offer a free credit check!

Elm Select

There’s a large market for private loans. To find the best loan(s) for you, we recommend using Elm Select., a free tool that allows borrowers to search among the most commonly used sources of private education loans. It’s not a comprehensive list, but includes many of the primary private loan lenders. Here's how to use Elm Select:

1. Select “Azusa Pacific University” as your school and select your program (APU accepts only Undergraduate, Graduate, and Parent Loans).
2. Once you select your program, click “View Loans!”
3. Below is a snapshot of the results page, where you can see which loans are being offered and the available interest rates.

It also has a “Loan Estimator” tool to estimate what your repayment will look like based on the amount you borrow:

Once you determine which loan you’d like to apply for, you can click through to that lender’s website to begin the application. That is where your credit will be reviewed, and if approved, you’ll be granted the loan. The lender will then send the information to APU; once it’s received, we'll add it to your financial aid package.

Juno

Juno organizes large groups of students to negotiate better loan terms and potentially lower interest rates with private lenders. To begin exploring loan options, borrowers complete a brief questionnaire with no impact on their credit score.

The lender identified by Juno agree to provide members with options, which may include terms more competitive than what students could secure on their own, and there’s no obligation to accept the loans offered. Note: The listing on Juno represents lenders who have negotiated specific terms for their members and is not inclusive of all private loan lenders available to students.

Juno also provides free 1:1 guidance to thousands of borrowers each year, helping them compare their options with confidence.

Visit the Juno website or schedule time with a Juno advisor