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• Why AMU

Private Loans

• We encourage students to use their federal aid eligibility before using private loans
• Check with the Financial Aid Office for more information
• Private or “Alternative” loan programs are typically available through banks, credit unions and some other private loan companies
• Depending on a student's specific circumstances, various types of loan programs may be available
• Students are able to apply for many of these programs directly online
• Some students pursue a private loan option in order to avoid the federal loan process, which among other steps requires completion of the Free Application for Federal Student Aid
• However, all students are eligible for a Federal Direct Student Loan with very few restrictions, and federal loans are generally less expensive, have favorable terms and conditions, and have the backing of the Federal Government
• The terms, conditions, and eligibility requirements vary for private loans, and the borrower (and co-borrower, if applicable) should carefully research and consider their options and apply for the private education loan that best suits their needs
• In order to qualify for a private loan, borrowers must pass a credit test and may need to have a co-signer

Which Lender Should You Use?

• APUS highly recommends that all students seek loans to compare from four primary resources whose availability may vary by your affiliation and/or location
  
  
  • Your current bank may operate a private educational loan program
  • Your local credit union may provide this resource – you may only need to join to be eligible to apply
  • Your state higher education agency may offer a program to state residents. Click NASSGAP for a list of state higher education agencies
  • A fourth resource for students is a national lender whose primary requirement is that the applicants meet certain credit criteria
    
• Below is a list of currently active lenders that have provided private education loans to APUS students during the past several years
• APUS does not prefer, recommend, promote, endorse, or suggest any lender
• You are not required to borrow from any of the lenders listed below
• You are free to obtain a private education loan from any lender, and there is no penalty for selecting a lender that is not identified on this list
• The vast majority of APUS students take advantage of more favorable rates and terms found in the Federal Direct Student Loan Program
• As a result of this and coupled with the market decline in private student loan availability, the list of active private loan lenders that our students have used is short
  
  
  • Sallie Mae (Smart Options Loan) – a national program example
  • Vermont Student Assistance Corporation (VSAC) – a state program example
  • University Credit Union in Maine – a local program example
    
• For information on a different alternative loan, please visit your local bank or credit union or contact your state higher education agency or click here for a list managed by Finaid.org , a respected national student aid website
• Please note: Only direct costs, course materials for graduate students, and technology expenses are considered when certifying loans for APUS students
• Those who would like course material or technology expenses included in their loans e-mail the Financial Aid Services Office once they have applied and been approved for a student loan
• Students must also be registered for classes so that our financial aid office staff can certify all loans to meet accurate educational costs