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Private Education Loans

Private Education Loans

Looking for additional financing options to help you cover the remaining direct and indirect costs of your education this year? Consider a Private Education Loan.

What Are Private Education Loans?

Private Education Loans, which we often refer to as “Private Loans,” are available to assist students who need additional educational financing after all other options are considered and/or exhausted. 

Private Loan lenders may be banks, credit unions, or other financial institutions and their products and services can vary from lender to lender. Generally, most Private Loan lenders offer loans with both fixed interest rates or variable interest rates of which can change with the market conditions. The actual interest rate that a borrower receives is based on an evaluation of their credit as well as that of any cosigner on the application, along with other criteria determined by the lender and varies from borrower to borrower and lender to lender.

Most often we find that the student is the primary borrower of a Private Loan, though a creditworthy cosigner is generally required. Creditworthy cosigners may be the student’s parents, grandparents, another family member, or a non-family member who is willing and able to take on the rights and responsibilities that come with being a cosigner. Some Private Loan lenders do offer parent loans; which can be competitive to the Federal Direct Parent PLUS Loan offered by the U.S. Department of Education.

Choosing a Private Loan Lender

Borrowers have the right to select any lender they choose. It is the responsibility of each borrower and their cosigner to evaluate the eligibility requirements, costs, and benefits associated with each lender before applying and borrowing a Private Loan.

Moravian maintains a “preferred lender list” on ELM Select; which you can use as a foundation to begin your Private Loan lender search should you need a good place to start. Preferred lenders on our list have been selected based on competitive pricing, borrower benefits, and service to borrowers and the school. To understand why Moravian has chosen to display the lenders on our current list, please read more about our selection process


  • As a result of federal regulation, effective February 14, 2010 all Private Loan lenders must provide several disclosures and a Self-Certification Form to the borrower before the loan can be disbursed. The Form is designed to remind students about other sources of financial assistance and Federal Loan options. The Form seeks to collect from the student his or her cost of attendance and expected financial assistance at Moravian. Please follow all instructions provided by your lender and respond to their requests for information in a timely manner so that your loan can be processed as quickly as possible. For any clarification of the process or required documents, you must contact your individual lender.
  • Federal regulations also require preferred lenders to annually provide schools with information regarding the loan products and services that will be offered to the school's students. This information allows Moravian to evaluate if we need to make adjustments to the lender, services, and products provided on our list.
  • Each lender on our preferred lender list has disclosures that you should review before applying; which captures general information regarding rates, terms, cost examples, and eligibility requirements. A Loan Approval Disclosure Form will be provided with your specific loan details after your application is approved.

Moravian University's Preferred Lender List

You can view our preferred lender list on ELM Select using the link below:

You can use ELM Select as a tool to help you compare loan rates, total loan cost, and view monthly payment estimates for several lenders side-by-side. Since loan products are not “one size fits all” please use our preferred lender list as well as other loan resources you are aware of to find the best fit loan for your financing needs.

Keep In Mind

Some things to keep in mind when considering a Private Loan:

  1. When considering borrowing any student loan, we recommend that students first utilize the Federal Direct Loans (Subsidized/ Unsubsidized) eligibility that they have been awarded and explore all payment plan options first, For more information on the benefits of Federal Direct Loans, please visit or contact the Office of Financial Aid Services ( | 610-861-1330). For more information on monthly payment plan options available, please contact the Office of Student Accounts ( | 610-625-7142).
  2. The student and their co-signer should be aware that if the student is delinquent on payments or fails to make payments on the loan during repayment, it becomes the co-signer’s responsibility. Students may borrow up to the cost of attendance (tuition, fees, room, board, books, travel expenses, and miscellaneous expenses) minus any financial aid they are receiving (including other loans and work study). 
  3. Private Loans may take a minimum of 3 weeks to be approved and certified from the time of application. Please be sure to apply for a loan in a timely fashion to ensure that you are resolving any account balance owed to Moravian by the billing due date provided by the Office of Student Accounts.