You have the right to select any lender you wish for a private loan. Once you have been approved by your lender, they will notify the Office of Financial Aid & Scholarships that your loan is ready to be certified. We’ll process your private student loan if you meet the eligibility requirements and will notify the lender of our certification of your loan.
Once IU East has certified your loan, it will take an additional 10–15 business days before your funds arrive. (This process may take slightly longer during peak times.) You can view your financial aid in One.IU to see when your loan has been processed. You must continue to meet eligibility requirements once the funds arrive in order for them to be used to pay your bursar account.
If we’re unable to process your private loan, we’ll contact you through your university email address.
Loan certification dates
We cannot certify loans that are submitted too early. The earliest acceptable application dates for each term are:
- June 15 for a fall and spring loan
- November 15 for a spring only loan
- March 15 for a summer loan
Lenders who provide private loans must comply with these Truth in Lending Act requirements:
- Your lender must provide three separate loan disclosures to you:
- One when you apply
- One when your loan is approved
- One before your funds are made available
- Three business days must pass between the time you receive the final disclosure and the time your funds are made available.
- You must submit a signed self-certification form to the lender before your funds can be made available.
Your lender should provide you with a self-certification form that includes your application ID. You’ll need to know your cost of attendance and estimated financial assistance. If you receive financial aid, this information is available through View/Manage My Financial Aid Information in One.IU.
Listed below are application tools that will provide access to multiple lenders. The INvestEd Marketplace and FASTChoice will allow you to compare lenders and rates for possible alternative loans.
We will process a loan with a lender that is not listed on these sites. If you have any questions regarding the process, please contact the Office of Financial Aid & Scholarships.