Private Loans
Loans provide financial assistance for educational expenses, but unlike grants or scholarships, they must be repaid. Student loans are a common component of most financial aid packages and students should learn about borrowing before deciding to accept a loan.
Responsible borrowing and understanding the terms of loans are essential to managing your educational debt. You should explore all options and borrow only what is necessary to minimize future financial burdens.
Types of Loans
There are two main types: Federal Direct Loans and private loans. Understanding each type of loan will help you make informed financial decisions.
Private Loans
Private Loans are credit-based loans offered to students by banks and other lending institutions to cover the costs of attending college. These loans are typically requested by students who may the requirements to receive federal financial aid. They often have variable interest rates that exceed the fixed interest rate of Federal Direct Loans. Students who do not have a co-signer will likely need to be employed and are subject to credit approval. Private loans do not always provide deferment periods and often have a shorter repayment term.
Before considering a private loan, you are encouraged to complete the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds. Pima Community College does not participate in a preferred loan program with any lending institution, does not endorse any of the lenders included, and does not recommend specific lenders.
Elmselect is a free online service with no registration (not a lender or a bank) that allows students to compare private loans for their school and their degree. Find loan rates and terms that meet your needs. Students may also choose to use a loan provider that does not appear in the list of lenders included at either of the links above. The college also does not guarantee a private student loan will be processed as some of the lender requirements will not align with our internal policies and procedures.
Contact us to complete the Pima Community College Private Student Loan Request Form and receive credit approval from the lender to certify your loan.
Read about the Truth in Lending Act:
| Loan Option | Private Student Loan |
| Need Based | No |
| Credit Based | Yes |
| Interest Rates | Determined by Lender |
| Origination Fees | Determined by Lender |
| Repayment | Determined by Lender |
| Lifetime Limits | NA |
| Minimum Enrollment | Determined by Lender |
| FA SAP Eligibility | NA |
Applying for Students Loans
In most cases, loan offers will be made automatically for you to accept or decline from your Financial Aid Dashboard. You must have a loan offered and accepted by the semester deadline for your loan to be approved. The deadlines are as follows:
- Fall - December 1st
- Spring - May 1st
- Summer - July 1st
The above deadlines apply to requests for loan increases as well.
Reduction or Cancellation
If you determine that you do not need to borrow this or future disbursements of the loan, you may return or cancel any portion that is not needed. You can cancel future disbursements and/or return a portion or all of the loan disbursement within 14 days of the loan disbursement notification by completing the Federal Aid Cancellation/Reduction Form along with the funds you wish to return.