Private Loans

When federal financial aid is unavailable or is not sufficient to cover a student's educational expenses, students may consider applying for a private loan.

Private loans (sometimes referred to as alternative loans) are loans based on credit through a private lender outside of the federal government or Washburn University. Due to the fact that private loans are not guaranteed by the federal government, higher interest rates and fees often apply. For this reason, Washburn University highly encourages students to exhaust all federal financial aid options before applying for a private loan. Students can apply for federal financial aid online at

Please read the following information before applying for a private loan.

What is the difference between federal student loans and a private loan?

Visit Federal Student Aid to learn about the differences between federal student loans and private loans.

After reviewing federal student loan options, if a student elects to borrow a private loan over federal student loans, the student must complete the Private Loan Truth in Lending Disclosure and submit it to the Financial Aid Office.

How much can I borrow in a private loan?

A private loan can only be certified up to the student's Cost of Attendance, less any financial aid, scholarships, and other resources. The Cost of Attendance is a student's financial aid budget that is developed by the Financial Aid Office. This budget is made up of average direct and indirect costs that a student may incur during an academic year. The Cost of Attendance sets the cap on the maximum amount of financial aid, scholarships, and other resources a student may receive. A private loan can only be certified up to the amount of the student's remaining Cost of Attendance eligibility.

How do I apply for a private loan?

Washburn University does not endorse any private loan lenders. However, ELMSelect allows students to research and compare private loan lenders. The private loan lenders listed in ELMSelect are ones that have been utilized by Washburn University students over the past three years. Please be aware, this is not an exhaustive private loan lender list and students have the right to select other private loan lenders not included in ELMSelect.

Private loans are based on credit and my require a cosigner. While all private loan lenders are subject to the same federal regulations, interest rates, fees, and repayment options may vary by lender. For this reason, we urge students to carefully review the terms of the lenders' private loans to determine the best option for their situation.

If you need to complete a Private Education Loan Applicant Self-Certification form for a private lender, you can obtain the form here. To find your Cost of Attendance for Section 2, log into your MyWashburn account, select the Financial Services tab, Financial Aid Awards, the Aid Year which you are requesting a private loan, and choose the Award Overview tab. (Note: The Self-Certification form must be filled out by the student and submitted directly to the lender.)

Complete the FAFSA

When completing the Free Application for Federal Student Aid (FAFSA), please add Washburn University’s federal school code of 001949.


Better understand your options for paying for college. Use the FAFSA4caster to estimate your eligibility for federal student aid.