Private Loans

Students are encouraged to file the (FAFSA) and should fully exhaust their grant, scholarship, and federal loan options before turning to private educational loans. Parents should consider the Parent PLUS Loan option if it fits within their budget. Private education loans provide students additional funding when federal, state, and institutional aid doesn’t fully cover college expenses.

Selecting a Private Educational Loan Lender

We believe that students and families should seek and compare as many lender choices as possible in a format that helps them better understand the obligations and impact of borrowing to pay their educational expenses at Denison. To help assist in the private loan search, Denison University partners with ELM Select. ELM Select is not a lender, which allows its service to provide transparent and unbiased lender information to assist the private loan selection process. ELM Select allows students and parents to compare multiple lenders’ loan interest rates, terms, and benefits.

Denison University reviews its ELM Select list of lenders each year and provides a list of at least three unaffiliated lenders. Below are selection criteria:

  1. Proven excellence in customer service to Denison University students
  2. Competitive interest rates
  3. Competitive loan benefits, application process through repayment
  4. Loans can be certified through ELM One
  5. Loan transactions processed, and disbursements made through ELM One
  6. Lender provides loan information and disclosure statements through ELM Select

ELM Select is one tool for easily comparing lender information and loan products, but not all lenders and loan products are listed through ELM Select. Denison University does not endorse any lender or lending institution. We will process a private education loan from any lending institution.

Loan Periods for the Academic Year

Fall Only Loan: August – December

Spring Only Loan: January – May

Academic Year Loan: August - May

NOTE: If you apply for a Fall and Spring loan, the loan will be awarded equally between each semester.

Processing, Disbursement, and Loan Adjustments

  • Please allow 1-2 weeks for certification and awarding of private loans once approved by your lender.
  • Once your private education loan is certified, Denison University will credit your account for the amount of the initial private loan disbursement*. The actual disbursement of the funds will not be made from your lender to Denison University until 10 days prior to the start of each semester.
    • *There are three private loan lenders (NJCLASS, VSAC, and Bank of North Dakota) whose loans Denison will not credit toward your account at the time of certification. These loans will not be posted until the actual check is received from the lender.
  • If your loan is certified within 10 days of the semester, we will request disbursement of the loan for the next day after the certification is complete, but typically the lender will set the date of disbursement two weeks from the date of certification.
  • Please contact the Office of Financial Aid via email to request a reduction or cancellation of your private loan.

Additional Information