蜜芽TV

Consider Federal Aid First

Private loans should generally be considered after other funding options have been reviewed. Before applying for a private student loan, students are strongly encouraged to and review eligibility for federal, state, institutional, scholarship, grant, and Work-Study options. You may qualify for federal student loans or other assistance under Title IV of the Higher Education Act, and the terms and conditions of federal student loans may be more favorable than private student loans.

Federal loans may offer benefits private loans do not, such as fixed interest rates, income-driven repayment options, deferment or forbearance options, and potential loan forgiveness or discharge options. Federal student loans should generally be used before private student loans whenever possible. Additionally, the institution offers semester payment plans. 

 

Compare Private Student Loan Options

The University of Wyoming provides access to ELMSelect, a private student loan comparison tool. Students and families should research carefully terms and conditions of any private student loan before applying. See suggested questions to ask in the next section.

Lenders and loan products displayed in ELMSelect are not selected, ranked, endorsed, or recommended by UW. Loan information shown in ELMSelect is provided and maintained by the lenders. UW does not maintain a preferred lender list and does not have preferred lender arrangements with any private student loan providers. You may choose any eligible lender, including lenders not listed in ELMSelect.

Our office will process private student loan certifications from any eligible lender, provided the student meets eligibility requirements and the requested amount does not exceed allowable limits. Certifications are processed with equal timeliness and without preference. Choosing a lender not listed in ELMSelect will not delay certification.

Understand Required Private Student Loan Disclosures

Private student loans are subject to federal consumer disclosure requirements under the Truth in Lending Act. During the private loan application and approval process, lenders generally provide multiple disclosures, including application, approval, and final disclosures.

Borrowers may be required to complete a before the lender can finalize and disburse the loan. After accepting the final disclosure, borrowers generally have a 3-business-day right to cancel before the lender can send funds to the school. 

 

How Private Student Loan Amounts are Determined

Private student loans cannot exceed the student's Cost of Attendance (COA) minus Other Financial Assistance for the applicable loan period. Other Financial Assistance may include:

• Scholarships
• Grants
• Federal student loans
• Fellowships or tuition assistance
• Outside awards or third-party payments
• Other educational benefits

When UW receives a private student loan certification request, our office reviews the student's COA and Other Financial Assistance to determine the amount that may be certified.

Past Due Balance: Private student loans may not be available to pay balances from a previous term or aid year. If you plan to use a private loan for a past-due balance, check with the lender before applying to confirm eligibility.

 

Applicant Self-Certification

Borrowers may be required to complete a . This confirms the student's Cost of Attendance, estimated Other Financial Assistance, and remaining need. This step is often completed electronically through the lender's application process.

Students may review Cost of Attendance and financial aid information through , UW's self-service student portal, or request assistance from our office (see the Contact Us section at the bottom of this page).

Private student loan timeline

It is important to understand that the application, certification, disclosure, and disbursement processes for a private student loan may take several weeks from start to finish. Assuming the application has been properly submitted and approved by the lender, students should allow at least 2-4 weeks before the bill due date for lender review, school certification, required borrower disclosures, cancellation periods, and disbursement processing.

Timeline estimates below are provided for general planning purposes and are not guaranteed. Processing may take longer if the application is incomplete, the lender requires additional information, the borrower has not accepted the loan terms, or required disclosure/cancellation periods have not ended. Students are strongly encourages to monitor their UW email account regularly. If our office needs clarification regarding a private student loan certification request, the student will be contacted through their UW email.

	PROCESS	ESTIMATED TIMELINE
STEP 1	Student completes lender application.	Allow 1-2 calendar days.
STEP 2	Lender reviews application and requests any additional information.	Allow 2-8 calendar days, depending on the lender and borrower response time.
STEP 3	School certification completed by our office.	Allow up to 10 business days.
STEP 4	Borrower receives and accepts the approval disclosure.	Borrower generally has up to 30 calendar days to accept the loan terms.
STEP 5	Final disclosure and right-to-cancel period.	Funds cannot be released until the 3-business-day cancellation period has expired.
STEP 6	Funds received and processed by 蜜芽TV.	Allow several business days after lender release.

IMPORTANT: Private student loan timelines vary by lender and may be affected by incomplete applications, missing borrower documentation, school certification, required disclosures, the borrower's acceptance of loan terms, and the mandatory right-to-cancel period. Students are encouraged to apply early and allow several weeks for the full process to be completed.

 

code of conduct for private education loans

UW does not maintain a preferred lender list or preferred lender arrangements with private student loan providers. UW does not accept revenue-sharing arrangements, gifts, compensation, or other prohibited benefits from the lenders in exchange for recommending or promoting private student loans.

Our office adopts and follows NASFAA's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. We provide neutral information, do not steer borrowers to specific lenders, and do not delay certification based on lender choice.

Code of Conduct

 

questions or concerns

UW can help with: eligibility requirements, loan certification, and processing timelines. Contact our office (see contact methods below).

Your lender can help with: loan approval decisions, interest rates, repayment terms, or application requirements. Contact the private lender directly. If a lender-related issue remains unresolved, contact our office for guidance.