Private educational loans

Private educational loans are available to students who need additional financial assistance beyond aid that is offered through the federal student aid program. These loans allow students to borrow up to their total cost of education less any financial aid they have been awarded.

We encourage student to exhaust all of the federal direct student loan options before pursuing private loans because they tend to offer better loan terms, more repayment options, and, in some cases, loan forgiveness.

Credit balances on the student's account for those who apply for loan amounts in excess of the total amount due to Saint Martin's University will be refunded to the student.


Private educational loans are credit based; their terms and conditions vary between lenders. Interest rates are variable and the interest will accrue on the loan while the student is enrolled in school. Generally, repayment of the loan can be deferred until the student leaves school or drops below half-time enrollment.

We recommend that students begin to apply approximately a month and a half before the start of the term to ensure the loan funds can be applied to the student's account by the tuition payment deadline.

Private educational loans can only be certified for an amount that does not exceed the student's total cost of attendance (Total cost of: tuition, fees, room & board, books, travel, and miscellaneous).

We encourage students to contact the Student Financial Services Center if they are unsure of how much they are eligible to borrow.

Applying for a private educational loan

To apply for a private loan, your first step is to identify the lender you would like to apply for a loan through. Saint Martin's University does not have a preferred lender list, but we do offer a historical lenders list of frequently used lenders in the past.

For help identifying a private lender, students can go to: SMU FastChoice

The FASTChoice site provides students with a resource to compare interest rates, fees, and other loan incentives between lenders. Please note: Student Financial Services will certify a private educational loan from any lender, regardless if their lender is featured on the FASTChoice site.