Private Loans

If Federal Direct Loans do not cover the entire cost of college expenses, private loans can offer additional funding for students and parents. 

Before considering a private loan, you are encouraged to complete the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds.

Unlike Federal Direct Loans, private loans are not federally guaranteed and require a good credit rating and/or a creditworthy cosigner. Additionally, the annual amount for private loans cannot exceed the cost of attendance minus other financial aid during the requested loan period. View a comparison of Federal Direct Loans versus private loans. 

Kent State University does not endorse any lender or lending institution. We will process a private education loan from any lending institution.

Explore Private Loans



Compare and Apply for Private Loans on ELM Select

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 five 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

Select Your Loan Period

Choosing the correct loan period is important for the processing and disbursement of your private loan request. The loan period tells your lender what term(s) of the school year you are using the private loan. 

Kent State's school year has three terms: summer, fall and spring. Only choose a loan period for when you are enrolled in classes or expect to be enrolled. 

Loan Periods for the Academic Year

If You're Enrolled in This Semester...Select these dates as your loan period...
Summer Only5/20/2024 - 8/11/2024
Fall Only8/19/2024 - 12/15/2024
Both Summer and Fall5/20/2024 - 12/15/2024
Spring Only1/13/2025 - 5/11/2025
Both Fall and Spring 8/19/2024 - 5/11/2025
Summer/Fall/Spring*5/20/2024 - 5/11/2025

*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 semester's 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.

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.
  • Once the loan has been certified by Kent State University, there is a federally mandated 10 day waiting period before the disbursement can be made. This is a period where disbursements are held in order for you to have a final chance to change your mind and cancel the loan without penalty.
  • The Truth in Lending Act (TILA) requires you to complete and submit a self-certification form to all lenders for each individual application. Your lender should provide you with this Private Education Loan Application Self Certification document (PDF).
Canceling or Reducing Your Private Loan
  • 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 Kent State support team 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.
Important Reminders
  • 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 period's 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 Satisfactory Academic Progress. This means that you must meet the academic progress requirements as outlined by Kent State University. Carefully read your lender's eligibility requirements before you apply.