Private Loans

If you do not qualify for federal financial aid, or it is not enough to cover your educational expenses, you may consider applying for a private loan.

Private loans are 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 may apply.

The terms and conditions of federal loans may be more favorable than the provisions of private educational loans.

For this reason, Washburn University highly encourages you to exhaust all federal financial aid options before applying for a private loan. You can apply for federal financial aid by filling out the Free Application for Federal Student Aid (FAFSA).


Truth in lending

Please review the Truth in Lending Act, Section 128 (e) to be the best informed borrower.

A Washburn student smiles during commencement before she becomes an alumna

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

Federal student loans:

  • Subsidized, Unsubsidized, and PLUS Loans
  • Funded by the federal government
  • Repayment is not required until you graduate or drop below half-time enrollment
  • Typically have lower, fixed interest rates (interest does not change over the life of the loan)
  • Subsidized and Unsubsidized Loans do not require a credit check
  • Eligible for loan forgiveness programs

Private loans:

  • Nonfederal loans made by a lender (bank or credit union)
  • May require repayment while you are in school
  • Can have higher, variable interest rates (interest may change over the life of the loan)
  • Generally require a credit check
  • May require a cosigner
  • Are not included in federal loan forgiveness programs

Check out a full list of differences on the U.S. Department of Education's Federal Student Aid website.

Washburn University does not endorse any private loan lenders. However, we can provide a list of private loan lenders participating in ELMSelect that Washburn University students have utilized over the past three years.

Please be aware this is not an exhaustive private loan lender list and you have the right to select private loan lenders not included in ELMSelect.

Private loans are based on credit and may 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.

Some private lenders require students to fill out a Private Education Loan Applicant Self-Certification form. 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. The form must be submitted directly to the lender.

A private loan can only be certified up to a student's Cost of Attendance, less any financial aid, scholarships and other resources. The Cost of Attendance is not necessarily what you will pay to go to school, but an estimate of the direct and indirect costs you may experience for one academic year.

The Cost of Attendance sets the cap on the maximum amount of financial aid, scholarships and other resources you may receive.


Cost of Attendance $22,018
Less Scholarships -2,000
Less Federal Loans -5,500
Estimated Private Loan $14,518

Loan Disbursement

Disbursement is the process of financial aid applying toward your bill at Washburn University.

  • After you are approved for a private loan, your information will be sent to the Financial Aid Office to certify your eligible loan amount
  • Loan disbursement dates will be coordinated with your lender
  • Depending on your lender, the loan funds may be sent to Washburn University electronically or by paper check
  • Once received, the private loan funds will disburse toward your balance with the university

Financial Aid Refunds

  • If your accepted financial aid awards and private loan exceed your bill at Washburn University, a refund will be issued to you
  • Refunds may be issued via direct deposit into your bank account or by paper check
  • Find out more about financial aid refunds


Financial Aid Office
1700 SW College Ave.
Topeka, KS 66621

Phone & Email
Ph: 785-670-1151
Fax: 785-670-1079

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