Private Loan Self-Certification Form
Your lender is required to collect from you a Private Education Loan Applicant Self-Certification form before disbursement of funding. Use the form provided by your lender whenever possible. The lender will provide loan identification information on their form to expedite processing. If you no longer have the form provided by your lender, use the Quick Link for a blank form.
To complete the Private Education Loan Applicant Self-Certification form, you will need to provide your cost of attendance, and information about your other financial aid. See your financial aid status, step 4, for your cost of attendance and aid information. If you will not complete a FAFSA, see cost of attendance information.
Do not submit the Private Education Loan Applicant Self-Certification form to UMD for completion, as UMD does not complete any section of this form; the student borrower must complete and submit this document to their lender.
Private Loan School Certification
- Private loans are certified no sooner than 45 days prior to the first day of the term. Keep in mind that your credit check is only good for 90 to 180 days, depending on your lender.
- You must accept and/or decline all other financial aid that has been offered to you before your private loan can be certified.
- The University cannot certify a loan amount that exceeds your financial aid eligibility because financial aid regulations apply to private loans, especially regarding cost of attendance. At the same time, private lenders determine their loan criteria and may use higher cost of attendance figures than those set by the University. If you are offered an excess loan amount, you must accept only the amount you are eligible to receive.
- Private loans are certified daily and most are done within 48 hours from the time we receive the lender's certification request. However, during peak periods (three weeks before and three weeks after the term begins) processing your request may take 7 to 10 business days.
- Your certified loan will disburse only after your lender has everything they need from you, e.g., income verification, co-signer addendums, signed original promissory notes, or self-certification. Disbursement may only take place after you have received three separate disclosure forms and the time limit for your Right to Cancel has expired. For these reasons, disbursement may take between 7 and 30 days.
- With limited exceptions, you are not eligible for financial aid to enroll in extended-term (9-month) Online and Distance Learning (ODL) courses.