financial aid basics
Bayramian Hall, first floor
(west of the Oviatt Library)
Monday and Thursday: 8:30 a.m.-4:30 p.m.
Tuesday and Wednesday: 10 a.m.-6:30 p.m.
Friday: 8:30 a.m.-4 p.m.
Monday: 10 a.m.-3 p.m.
Tuesday and Wednesday: 10 a.m.-5:30 p.m.
(referral slip required from the first-floor financial aid window)
Please be in line at least 30 minutes before closing; hours are subject to change.
Private Education Loans
Private education loans are credit-based consumer loans used solely to cover education costs. These types of loans tend to cost more than education loans offered by the federal government but are less expensive than credit card debt. Federal Stafford loans (subsidized and an unsubsidized) offer fixed interest rates that are lower than the variable rates offered by most private education loans. Federal Stafford loans also offer better repayment and forgiveness options. For these reasons, you should exhaust your eligibility for federal Stafford loans before resorting to private student loans.
To find out more about private education loans, visit the FinAid website.
A private education loan may be right for you if scholarships, grants and federal student loans do not cover your total education-related costs or you do not want to muddle credit cards, home equity, savings and investments with your tuition costs. It may also be an option if you are not applying for traditional financial aid but still need money to cover your education-related costs.
Lender Information and Certification
Lender Information and Certification
It is your responsibility to research private education loan resources, select a lender and apply for a private education loan via the selected lender's process. Once you select your lender and your application is processed, your lender will send the Financial Aid & Scholarship Department a request for certification of your enrollment and cost of attendance.
You must be enrolled for the loan period listed on the request in order for the Financial Aid & Scholarship Department to certify your private education loans. It may take the Financial Aid & Scholarship Department up to two weeks to certify private education loans after the request is received. You should plan on paying for courses by the assigned due date if your private education loans haven't been posted to your portal.
If you have already filed your Free Application for Federal Student Aid (FAFSA) and you have been awarded financial aid, the Financial Aid & Scholarship Department will complete the certification request and determine the amount for which you are eligible. The amount we certify may not match what you requested because a student's aid package cannot exceed the cost of attendance.
If you filed your FAFSA but haven't completed your financial aid file (check your "To-Do List" on the myNorthridge Portal), the Financial Aid & Scholarship Department will not complete the certification request until you have submitted the required documents to the Financial Aid & Scholarship Department.
It is not a requirement to apply for financial aid before applying for private education loans but, we encourage you to do so by completing the FAFSA. It is to your benefit to be considered for state and federal aid prior to applying for outside loans.
Please use the appropriate loan period for the regular term(s) you were or are enrolled. For example, if you were enrolled fall and will also enroll spring, you should use the August through May loan period. If you are only enrolled for spring, you should use the January-May loan period. Summer is a stand-alone term and has its own unique loan period; you must apply for a separate private loan to cover the summer term. Check back in April for specific dates.
|Loan Periods for Private Education Loan Applications|
|Fall 2012 and spring 2013 (You were enrolled fall 2012 and enrolled spring 2013.)||Aug. 27-May 18, 2013|
|Spring 2013 (You were not enrolled fall 2012 but are enrolled spring 2013.)||Jan. 22-May 18, 2013|
|Summer session one (Use this loan period if you are enrolled in both summer session one and another summer session.)||May 28-Aug. 20, 2013|
|Summer session two (Use this loan period if you are enrolled in summer session two only.)||May 28-July 9, 2013|
|Summer session three (Use this loan period if you are enrolled in summer session three only.)||July 10-Aug. 20, 2013|
Your lender will mail your private education loan check to the Financial Aid & Scholarship Department. You will be notified via email once the check has been received by the university and is ready to be picked up. All checks are picked up in Bayramian Hall 100R. Private education loan checks are released according to the financial aid disbursement calendar.