A private student loan is a nonfederal loan issued by a lender such as a bank or credit union. Private student loans often have variable interest rates, require a credit check and a co-signer, and do not provide the benefits of federal student loans. These loans are designed to cover costs that are not eligible to be paid by a Federal Direct Loan, i.e. a past due balance from a previous semester or less than half-time attendance.
Federal Direct Loans generally have more favorable terms and conditions than private loans. We recommend that you utilize all Direct Stafford Loan eligibility before turning to private loans.
Students who need additional funds beyond the Stafford Loan should consider the Direct PLUS Loan before applying for a private loan.
Azusa Pacific University uses a wide range of private lenders. Students may apply for a private loan by viewing our list of lenders used by students in the past three years or feel free to choose another lender who provides education loans.
APU’s private lender list is without prejudice and is for the sole benefit of students attending the institution. Employees responsible for processing loans adhere to a strict student loan Code of Conduct.