Private Education Loans

Private education loans should only be considered after students and parents have explored federal loan options which often have lower interest rates. Students who have not applied for federal aid, including federal loan programs, may do so by completing the FAFSA online.

If a student does not choose to complete the FAFSA, federal regulations require the school to inform the student of the option to apply for federal and state student loan opportunities, that in general, offer lower interest rates and a variety of payment options. Texas Tech requires the student to complete a FAFSA waiver form. The waiver serves as an acknowledgement that the student is aware of all loan options prior to the school certifying a private education loan. The waiver must be completed by the student and submitted to the Office of Student Financial Aid before the private education loan request will be processed.

Private education loans are designed to assist students with additional assistance for educational expenses. Effective February 14, 2010 the Federal Reserve Board approved final rules on Regulation Z (Truth in Lending Act) that revises the disclosure requirements for private education loans. As part of Regulation Z, students applying for a private loan must complete the Private Education Loan Applicant Self Certification with the application for the loan. The information necessary to complete this certification may be found on our Cost of Attendance page, or on your MyTech Financial Aid Summary.

TTU does not recommend any specific lenders for private education loans. If you feel that a private loan may be best for you, we recommend comparing loan products and lenders to find the best interest rate and repayment options for your situation.

TTU uses ELMSelect as an online, lender-neutral platform to display a historically cumulative list of lenders and education loan products that our students have used. These lenders have not been ranked, and are presented in no particular order. Please note that lenders may require or strongly recommend a cosigner in order to approve a loan or provide the best interest rate possible. Some private education loans may also require payments while the student is still in-school.

Visit ELMSelect to view private education loan options
To meet deadlines, applications must be complete, which means all required material has been received. Please ensure you submit your application on time.
All of the PDF documents can be filled out manually, printed, signed and sent to our office. Please pay close attention to the correct aid year when submitting these documents.
Getting useful information at the right time is critical in the financial aid process. We will work with you to make the process of applying for financial aid as easy as possible.