HOME : Student Financial Assistance Applying for AidReceiving AidTypes of AidFormsGeneral InformationContact Us

 
 
 

Optional/Private Loan

The Optional Loan is a credit based private loan for undergraduate and graduate students in which the approval and interest will be based on the borrower’s credit worthiness. These loans can vary in terms, conditions and eligibility requirements.  Therefore, Optional Loans should be considered as a last resort for educational purposes after all other federal aid options have been exhausted (grants, scholarships and Federal Stafford Loans).  


Optional Loans Eligibility Criteria:

  • Student and/or co-signer must be credit  worthy as determined by the lender

  • Eligibility criteria may vary per lender (citizenship, degree-seeking, Satisfactory Academic Progress, and enrollment).  We advise that students research to understand the terms and conditions of the loans from the lenders.

  • The Optional Loan combined with other aid cannot exceed the total estimated Cost of Attendance.

  • Loan application process with lender must be completed before school can certify and award the loan.


How to Apply for Optional / Private Loans

1. Students must accept, reduce or decline any offered federal Direct Stafford loans before a private loan can be processed for the same loan term.

2. Contact the chosen lender directly to apply and complete all required documents.

  • Acceptable loan periods are either Fall only, Spring only, Fall/Spring combined, or Summer only. Students must apply separately per loan period. Summer loans cannot be combined with Fall nor Spring loans in our system and must always be applied for separately.
Current Year
Loan Period

Start Date

End Date

Award Year

Fall Only 2016
(Do not apply until 7/11/16*)
8/22/16 12/12/16 2016-2017
Fall 2016 & Spring 2017
(Do not apply until 7/11/16*)
8/22/16 5/2/17 2016-2017
Spring Only 2017
(Do not apply until 11/30/16*)
1/9/17 5/2/17 2016-2017
  • *Do not apply more than 6 weeks before the semester begins to avoid credit check expiration.
  • Use the UCF Main Campus Branch Code when applying:  003954-00
3. Complete and submit all required documents to the lender, including the following disclosure forms:

A. Self-Certification form

  • Students may obtain the total financial aid awards from the myUCF View Financial Aid screen.  For an estimated cost of attendance, please click on following loan period:

    — Fall/Spring Cost of Attendance

B. Application Disclosure

C. Approval Disclosure

D. Final Disclosure

Complete and return all Disclosure forms to the lender; remember to review all terms of the disclosure statements for interest rates, fees, loan balance, and number of payments:

4. After full loan application process with lender is complete, lender will send School Certification request to UCF for final approval.

  • Please note that we will not begin to process Optional/Private Loans until AFTER the add/drop period of each semester.
 On this page:
  Eligibility Criteria
  How to Apply
  Optional Private Loan Lenders
  Optional Loan Credit Union Lenders
   
  Loans
Home
Accept, Decline or Reduce Loans
Total Aggregate Limits


Optional Private Loan Lenders:

  • The charts below provide the lists of optional loan lenders that have processed private loans with UCFwithin the past 3 years.  Lenders may choose to not participate in the private loan program at any time. 
  • The data below reflects the criteria confirmed at the time of publication.  We advise that students contact the lenders for the most recent terms and conditions of the loans.

Optional Loan Lenders

Lenders

International Students

At Least
Half-time Enrollment

Satisfactory Academic Progress

Degree Seeking

School Certification

Deferred Payments

Annual Loan Limits

Citizens Bank
Citizensbank.com/student-loans
1-888-411-2402
Yes, International students require a creditworthy cosigner who is a US citizen. Yes No Yes Yes Yes Min: $1,000
Max: up to cost of education minus other financial aid

Discover Student Loans www.discoverstudentloans.com
1-800-788-3368

Yes, International students require a creditworthy cosigner who is a US citizen or Permanent Resident.  We no longer require a SSN.

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

MEFA:
Massachusetts Educational Financing Authority
www.Mefa.org 
1-800-266-0243

No

Yes

Yes

Yes

Yes

Yes

Min: $1,500
Max: up to cost of education minus other financial aid

NJClass
www.hesaa.org
1-800-792-8670

No

Yes

Yes

Yes

Yes

Yes

Min: $1,500
Max: up to cost of education minus other financial aid

PNC
www.pnconcampus.com
1-800-762-1001

No

Yes

No

Yes or Certificate seeking

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

Rhode Island
Student Loan Authority
www.risla.com
1-800-758-7562

No

Yes

No

Yes

Yes

 

Yes

Min: $1,500
Max: up to cost of education minus other financial aid

Sallie Mae
Smart Option Loan
www.salliemae.com/003954
1-800-695-3317

Yes,
with U.S. citizen or permanent resident co-signer

No

No

No

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

Suntrust
Custom Choice Loan Program
suntrusteducation.com/customchoice
1-866-232-3889

No

Yes

No

Yes

Yes

Yes

Min: $1,001
Max: up to cost of education minus other financial aid


Union Federal Savings Bank
Union Federal Private Student Loan
www.ufpsl.com
1-866-513-8445

Yes,
with U.S. citizen co-signer

Yes

No

Yes

Yes

Yes

Min: $1,001
Max: up to cost of education minus other financial aid

Wells Fargo
Collegiate Loan (for undergrads)
www.wellsfargo.com
1-800-658-3567

Yes,
with eligible U.S. citizen co-signer

No

No

No, but must at least be Certificate seeking

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

Wells Fargo (for graduates)
Grad Loan
www.wellsfargo.com
1-800-658-3567

Yes,
with eligible U.S. citizen co-signer

No

Yes

No,
but must at least be Certificate seeking

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

Optional Loan Credit Union Lenders
Please note that credit unions require borrowers to be a member of their credit unions.

Lenders

International Students

At Least
Half-time Enrollment

Satisfactory Academic Progress

Degree Seeking

School Certification

Deferred Payments

Annual Loan Limits


Anheuser-Busch Employee
Credit Union
www.abecu.studentchoice.org
1-866-252-8561

No

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

Credit Union Student Loans
www.custudentloans.org
1-888-549-9050

Yes,
with U.S. citizen or permanent resident
co-signer

Yes

Yes

Yes

Yes

Yes (refer to lender)

Min: $2,500
Max: up to cost of education minus other financial aid

Digital Federal Credit Union
www.dcu.studentchoice.org
1-800-324-1589

No

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid


First Tech
Federal Credit Union
firsttechfed.studentchoice.org
1-800-236-7991

No

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

Grow Financial FCU
www.growstudentloans.org  
1-800-324-3982

No

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid


Northwest  Federal
Credit Union
www.nwfcu.studentchoice.org
1-800-349-9470

No

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid


Suncoast Federal
Credit Union*
www.suncoastfcu.org
1-866-558-3332

No

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

Wright Patt CU
http://wpcu.studentchoice.org
1-800-324-1589

No

Yes

Yes

Yes

Yes

Yes

Min: $1,000
Max: up to cost of education minus other financial aid

*Suncoast Federal Credit Union is no longer accepting applications from new borrowers. However, Suncoast Federal Credit Union is still accepting applications from previous or existing Suncoast borrowers.