Private loans, sometimes called alternative loans, are available from private lenders and offer additional financial assistance. A credit check is required for private loans and some of the loan terms and conditions may be based upon your credit standing. If you are a student, be aware that most lenders will require a co-signer.
Please carefully review your need to borrow. We recommend that you exhaust all federal grant and loan programs before you consider a private loan.
The Office of Scholarships will process a private loan from any lender of your choosing. The lender does not have to be a lender listed in the links below. The lenders listed on this website were selected from the lenders who responded to our request for information. Our goal was to provide students with an array of lenders whom we have confidence in based on their terms and service capabilities. Ball State University has no affiliation with any private lenders and financial aid employees abide by an established Code of Conduct.
Unlike federal loans, private lenders set the terms for the loans, which can mean they have different criteria for both loan eligibility and loan rates. Before you decide to apply for a private student loan, we encourage you to research all of your options and keep a few things in mind:
- Private student loans have a range of interest rates, fees and repayment options.
- We strongly encourage you to apply with a credit-worthy cosigner to both increase your chances of being approved for the loan and to obtain a better interest rate.
- Interest rates can either be fixed or variable:
o Variable rates can increase or decrease over time, depending on market conditions.
o Interest rates on private loans may depend on your and/or your cosigner’s credit rating
- Before accepting any private student loan, you should determine the interest rate and any fees associated with the loan.
- Be aware that a private education loan may reduce your eligibility for free or lower-cost federal, state, or school-based student financial aid. Make sure you have exhausted other options.
- Borrowers who choose different private loan lenders to fund their postsecondary education will likely have multiple student loan payments to make upon leaving school. It can be advantageous and economical to consider using the same lender for all of your private education loan needs.
- Initially apply to multiple lenders. Student loans are provided special protections under the credit reporting rules so that as long as students conduct their ‘shopping’ within a 30 day period, there should be no impact on their credit rating and no impact on their loan terms.
If you have general questions about private loans you may certainly contact our office. However, please remember that we cannot offer assistance on your choosing of a lender or product. Each family’s circumstances are unique and the loan terms and benefits offered to you may be dependent upon your specific credit standing.
Due to requirements in the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. If you have not provided a signed copy of the applicant self-certification form to your lender, click here to obtain a copy of the form.
Two tools are provided below for your use. Each allows you to compare lenders. These are not comprehensive listings of lenders and you can use any lender of your choosing. These are provided to assist you in the process.
ELM SELECT LENDER CHOICES
ELM Select is a tool that allows you to compare rates of lenders. The following lenders were selected by a team of Ball State administrators from those lenders who responded to our request for information.
Click on ELM Select to begin the process.
ISM MARKETPLACE LENDER CHOICES
Many Lenders have provided accurate rates and terms for students to compare in the ISM Student Loan Marketplace.
Click on ISM Marketplace to begin the process.
View ISM Marketplace Lenders' Application Disclosures:
Financial Aid and Scholarships
Lucina Hall, room 245
Muncie, Indiana 47306
7:30 am-4:00 pm (Monday-Friday)
Walk-in counseling hours:
8:00 am-3:30 pm (Monday-Friday)
Phone operator hours:
7:30 am-3:45 pm (Monday-Friday)
Phone: 765-285-5600 or
Fax: 765-285-2173 or