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Private Loans FAQ

Do I have to complete the Free Application for Federal Student Aid (FAFSA) before I can apply for a private loan? No. Clayton State University recommends that you complete a FAFSA for appropriate academic/aid year to ensure you are utilitizing all federally funded student aid programs.  You must complete the Private Loan Agreement Form if you do not wish to complete the FAFSA. 


How much can I borrow? You can borrow up to your Cost of Attendance as determined by the Office of Financial Aid less any federal financial aid eligibility you have regardless of whether or not you choose to utilize the federal financial aid.


What loan period should I use? Private loans are processed based on the same aid period and Cost of Attendance as your federal financial aid. Federal financial aid is awarded for two semesters at a time, e.g. Fall and Spring or Spring and Summer. Please refer to your award letter on the DUCK to determine what loan period to select.


What if I only want the loan for one semester? Loans are awarded for two semesters at a time, e.g. Fall and Spring or Spring and Summer. However, loans can be awarded for one semester if it is your final semester before graduation or you provide a written statement that you will not be attending but the one semester and will not need any financial aid for the remaining semester.


Who should I select as my lender? The Office of Financial Aid is unable to assist you in selecting a private loan lender due to federal regulations. This selection is entirely up to the student. Please be sure to research any lender you do decide to select.


How long does it take to process my request? It can take up to 14 business days for the Financial Aid Office to process your loan application and transmit to your private loan lender. Please note that during peak times it may take longer than then 14 business days.


Will my private loan funds be received before fee payment deadline? Not all private loan lenders handle their transactions with Clayton State electronically.  Please check with your lender to see if Clayton State will receive your private funds funds electronically or via paper check.  Paper checks send by mail may not be received by the fee payment deadline. 


Is there additional information on private loans available? Additional information on private loans can be found here.