Winter Break 2017 - Office Hours:

9:00 AM - 5:00 PM,  December 11th - 22nd
Office Closed: Dec. 23rd  -  Jan. 1st  |  Reopening on January 2nd

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.
  • NOTE: International students must have a valid Social Security Number or an Individual Tax Identification Number (ITIN). Students can apply for an ITIN by filing a W-7 with the Internal Revenue Service. The form and instructions are located on the IRS website: www.irs.gov/app/picklist/list/formsInstructions.html?value=W-7&criteria=formNumber

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.
      Loan Period Start Date End Date Award Year
      Fall 2017 8/21/17 12/09/17 2017-2018
      Fall 2017 & Spring 2018 8/21/17 5/01/18 2017-2018
      Spring Only 2017 1/08/18 5/1/18 2017-2018
    • *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:
    1. 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
    2. Application Disclosure
    3. Approval Disclosure
    4. 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.

Optional Private Loan Lenders:

The charts below provide the lists of optional loan lenders that have processed private loans with UCF within 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.