Private Loans

General Information

Most banks and credit unions offer private student loans. Private loans are credit based and usually cost more in interest and fees than the Federal Student Direct Loan program. It’s always best to first apply for financial aid before you seek out private and often costly loans.

Financial Tip

Private loans are credit-based and usually cost more than loans available from the federal government under the Federal Direct Student Loan program.

Apply for a Federal Direct Student Loan

If you do decide to apply for a private student loan, you’ll need to contact your bank, credit union, or other financial institution to determine what is required to apply. You can expect your bank or other financial institution to contact us to verify that you are a student and the Cost of Attendance (COA) at Bellevue College. Once your loan is approved, your lender notifies our office. You can then contact us to obtain the current processing and disbursement timeline.

Another option available is to visit ElmSelect, where you can view a selection of loans and compare different loan products based on your needs (example: less than full-time attendance, not meeting Satisfactory Academic Progress, etc.) The selection provided is based on loans taken out by previous Bellevue College students.

Please note: When taking out a private loan, you will need to print and fill out the Private Education Loan Applicant Self-Certification form and bring it (and your valid government-issued photo ID) to the Financial Aid office in person. If you cannot bring it to our office in person, you may pay to have it notarized and mail it to us along with a photo-copy of your ID instead.

Watch for the final disclosure statement from your lender, which gives you information on how to cancel your loan and provides updated cost information. Your lender will send the funds either to you or to our office to disburse to you – this is dependent on the type of loan you receive.