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Private Loans

Private loans are a great resource to help you fund your education if you have exhausted all other available resources. Know that, if eligible, you can receive Direct Federal Loans through the Free Application for Federal Student Aid (FAFSA) that usually have better interest rates than private loans. It is highly recommended that you complete the FAFSA and utilize Direct Subsidized and Unsubsidized loans, if possible, instead of private student loans.

BYU-Idaho does not have an approved lender’s list, so it is up to you to find the private loan company that works for you.


To be eligible for private loans, you need to be sure to adhere to the following:

  • Meet your specific lender’s borrower criteria, which may include meeting Satisfactory Academic Progress (SAP) and providing a co-signer.
  • Be enrolled in at least 6 credits. These credits do not have to be program applicable (PA).

The amount of the loan will be limited to fit within your school budget or Cost of Attendance (COA), which is based on criteria such as but not limited to total credit enrollment, tuition costs, FAFSA dependency status, and previously awarded aid.


  • Contact a private lender and apply for a student loan.
  • Once the loan has been approved, submit the Certification Request Form (link below). You will be asked to provide the name of the lender, the amount of the loan, and the semester(s) for which the loan is needed.
    • Please note: Loans can only be awarded for 1 or 2 consecutive semesters at a time. You may need to get multiple loans approved for the same academic year.
    • In rare circumstances, a private loan can be approved for a previously attended semester. If you are requesting this option, you should contact the Financial Aid Office to determine eligibility first.
  • The Financial Aid Office will then certify the loan within 2-3 days.
    • The requested loan amount may be reduced or denied to prevent exceeding your COA for the semester(s) the loan is needed.
  • After the loan is certified, it can take up to 10 business days for the school to receive the funds.
    • If the loan is requested and certified before an upcoming semester, the school should receive the funds during the first week of the semester.
  • The Financial Aid Office then awards the loan funds to your account. This process can take up to 1 week.

Certification Request Form