Private Educational Loans
Private educational loans may be an alternative for students who are not eligible for other types of financial aid and who have already explored other ways of paying for college, but still need additional assistance. We strongly suggest you first consider accepting any federal student loans available to you, because federal loans do not require a credit check, have fixed interest rates, and offer better repayment terms.
Once you have decided to apply for a private educational loan, you will need to choose a bank. Please note that UTEP is not affiliated with any private loan lenders, nor endorses, promotes, or recommends any lender over another. A list of lenders that have provided loans to UTEP students is available here, but you are not obligated to use these lenders and the lenders listed did not pay a fee to be included. When considering different options, you should ask:
- Is a cosigner required?
- What is the interest rate? Is it variable or fixed?
- Will the lender capitalize interest (that means the interest is added to the principal balance)? If so, how often?
- Is there an origination fee?
- Will the loan be sold to another bank or agency? If it is, will the terms change?
- What are the repayment options?
- Does the lender offer a cosigner release option?
- Are there fees for paying off the loan early?
If you are approved by the lender you selected, you should receive disclosure documents that include the interest rates and types, co-borrower requirements, terms, payment deferral options, and general eligibility information. Because it is an educational loan, the lender will also request a certification from the Office of Financial Aid and Scholarships - that process may take several weeks, so please plan accordingly.