Private Loans

Financing a college education is a concern for many families. Most financial aid packages will include student loans; however, federal subsidized and unsubsidized loans may not cover the total cost of college expenses. Consequently, families are faced with the challenge of meeting the cost of their expenses.

Private loans provide students with additional funding for unmet college expenses. Select private education loan lenders now offer parent private loans.  These loans are borrowed by the parent, not the student.

Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds before applying for private loans. 

You can fill out the FAFSA at 

View a comparison of federal direct loan versus private loans.

Private loans are not federally guaranteed and require a good credit rating and/or credit worthy co-signer. The annual amount cannot exceed the cost of attendance minus other financial aid for the loan period requested.

Kent State University does not endorse any lender or lending institution. We will process a private education loan from ANY lending institution. To assist you in your search, we do recommend using ELM Select. ELM Select is a private loan selection tool that helps students and parents make a wise choice regarding borrowing a private loan. ELM Select allows you to compare up to 5 lender rates, terms, and benefits at a time.

Kent State University selected the ELM Select lender options for the following reasons:

  • History of providing excellent customer service to Kent State students
  • Competitive interest rates
  • Offer multiple loan products and incentive programs
  • Parent private loans available
  • Extended repayment terms are available
  • In-school deferment options
  • Six month grace period before repayment
  • Fast and easy online application
  • Funds are sent via Electronic Funds Transfer

*Not all lenders offer all features

If the funds cause a credit on the student's account, a refund will be issued.

Compare and Apply for Private Loans on ELM Select

Loan Periods for the Academic Year

Summer Semester May - August
Summer/Fall/Spring* May - May
Fall Semester August - December
Spring Semester January - May
Fall and Spring Semesters August - May


Selecting your Loan Period

Choosing the correct loan period is important for the processing and disbursement of your private loan request.

How to Choose your Loan Period

Note that Kent State University’s 2023-2024 academic year begins in May 2023 and ends in May 2024.

*If you apply for a summer/fall/spring loan, the loan will be awarded equally between each semester, given that the loan requested fits in each semesters cost of attendance.  If summer semester cost of attendance, based on enrollment, is less than fall/spring cost of attendance, the loan will be awarded the maximum cost of attendance for the summer and the remaining loan request will be split evenly between fall and spring.

Any questions on how a private loan is awarded or if you have submitted a private loan with an incorrect loan period, please contact the One Stop for Student Services using the Contact Us button.

PROCESSING and disbursement

  • Please allow 6-7 weeks for processing, certification, and funds to be received.
  • Funds will disburse no earlier than 10 days prior to the start of each semester.


  • The eligibility for a loan to be canceled or reduced depends on the timing of the request in conjunction with the stage of the private loan. We cannot guarantee that a loan can be canceled or reduced upon request.
  • Please contact the One Stop for Student Services if you have questions about your loan.  To request a change to the original request with your lender, visit our Forms page to complete the Private Loan Change Form.
  • Once a loan is reduced or canceled, Kent State University cannot increase or reinstate the loan. You MUST apply for a new loan.


  • Individual disbursement dates will be set by each lender in conjunction with Kent State University's disbursement schedule and the completion of all necessary requirements of the borrower.
  • Private loan amounts may be reduced by Kent State University to comply with federal regulations.  Remember, you cannot exceed your requested loan periods cost of attendance.  All financial aid being received to a student's account will be taken into consideration.

Some private loan lenders require students to be in compliance with the standards of  academic progress. This means that you must meet the academic progress requirements as outlined by the Student Financial Aid Office at Kent State University. Carefully read your lender's eligibility requirements before you apply. See more information on academic progress.