Private Loans

If you have lost your federal aid eligibility due to past unsatisfactory academic progress, you do have the option to request reinstatement of your eligibility by submitting a Satisfactory Academic Progress appeal. Appeal Forms are available online.

Private loans (also known as alternative student loans or personal student loans) are non-federal loans that students may borrow.  Generally, interest rates on private loans are tied to either the prime rate or the LIBOR index.  Some lenders may charge the borrower an origination fee or a repayment fee.  Students who need to borrow private loans should carefully compare rates and fees.  Students must be credit worthy and most private loans will require a cosigner.  Private loans should be used as a last resort; after students have exhausted all other sources of financial aid including grants, scholarships, work study, and federal loans.  Private loans cannot be consolidated with Federal Stafford or Direct Loans.  Students who borrow through a private loan program should borrow only the amount needed for educational costs.

Alternative Loan Information Guidelines and Sample Questions to Ask LendersPDF


The lenders and loan options presented in FastChoice include lenders who provided a loan at the school in the past.

The Financial Aid Office at Eastern Oregon University does not endorse, recommend, or promote any lender selection for private loans.

The lenders and loan options presented in FastChoice include lenders who provided a loan at the school in the past.

FastChoice displays loan options for students and parents with clear, consistent information on a user-friendly website, and provides student education through borrowing essentials.  FastChoice is free and fully supported by Great Lakes, a federal loan servicer.

You are free to choose any lender, including those not presented in FastChoice.  If you choose a lender that is not presented, please contact the Financial Aid Office.  Application processing will not be delayed unnecessarily if you choose a lender not presented.

Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FASTChoice.  Prohibited activities include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution’s financial aid office; allowing lenders to place our institution’s name or logo on any of their products; and owning of lenders’ stock (for college officials who make financial decisions for our institution).

Your loan application will be forwarded to the EOU Financial Aid Office after your loan has been credit-approved and you have signed the promissory note.  Your lender will provide you with current interest rates, processing fees and cosigner requirements.  Contact the Financial Aid Office with questions regarding loan eligibility.

Want to find your own lender?

Sample Questions to ask Lenders when searching for alternative or private student loans.

Self-Certification Information

Private loan borrowers should be aware of two important changes established by the Truth in Lending Act (TILA) 15 USC § 1638(e), both of which will affect the time required to apply for, and receive, a private student loan:

  1. Self-Certification form:  As of February 14th, 2010, when a student applies for a private student loan the lender is required to collect a Self-Certification form from the student.  This form will be available during the online process or the lender will mail a paper copy to the student.  Please note:  private loan funds will not be disbursed until the lender receives the Self-Certification form.
  2. Delays in disbursement:  After the lender has received the Self-Certification form from the student, and the loan approval from the EOU financial aid office, they will send the student a Final Disclosure which details the terms of the loan.  The lender is required to wait up to 6 business days before disbursing the loan to the school.  This delay was included in the TILA to give the student (or cosigner) time to cancel the loan after reviewing the terms of the Final Disclosure.

EOU Financial Aid Code of Conduct

Please click on the following link to read the EOU Financial Aid Office Code of Conduct