Financial Aid

Private Student Loans – Graduate Students

At Southern California University of Health Sciences (SCU), we encourage you to make informed borrowing decisions and only borrow what is necessary to successfully complete your program.

Private student loans are non-federal loans offered by banks, credit unions, and other financial institutions to help cover educational expenses. Unlike federal loans, private loans are credit-based and often require a qualified co-signer.

Since most private loans are heavily influenced by your credit rating, it is beneficial to first start with a free credit check to understand where you stand today.

Compare Private Loan Options

SCU provides access to FastChoice, a lender-neutral tool that allows you to compare private loan options used by SCU students.  For students who apply through a lender on the Fast Choice website, the loan funds will be disbursed electronically, allowing for an efficient process for the borrower and the school. FastChoice allows you to:

  • Compare lenders side-by-side (rates, terms, eligibility)
  • View real-time loan information provided directly by lenders
  • Apply directly with the lender you select

Important:

  • You are not required to use any lender listed in FastChoice
  • SCU does not endorse any specific lender
  • You may choose any lender, and SCU will process your loan certification
  • Loan rates are typically locked in for at least 180 days
FastChoice

How to Choose a Private Loan

Private loans can vary significantly. When comparing options, focus on:

Factor What to Look For
Interest Rate Fixed vs. variable rates; how often variable rates may change
Repayment Terms In-school payments, grace period, total repayment timeline
Cosigner Requirements Whether a cosigner is needed, and cosigner release options
Fees Origination, application, or repayment penalties
Borrowing Limits Minimum and maximum loan amounts
Borrower Benefits Rate reductions, autopay discounts, and flexibility options

Questions to Ask When Considering a Private Loan

Before selecting a lender, make sure you understand:

Loan Terms

  • What is the interest rate? Is it fixed or variable?
  • How often can the rate change?
  • Are there origination or other fees?
  • When does interest begin to accrue?
  • What are the minimum and maximum loan amounts?
  • Will a cosigner be required?

Repayment Options

  • When does repayment begin?
  • Is there a grace period?
  • What is the monthly payment?
  • What is the maximum repayment term?
  • Are there repayment incentives or rate reductions?
  • Are prepayments allowed without penalty?

Other Considerations

  • How are funds disbursed?
  • Does the lender sell loans, and do benefits transfer?
  • What support is available for questions or issues?
  • Are there any cancellation or discharge provisions?

Application and Funding Process

Private loans follow a structured three-step process:

  1. Apply with Your Selected Lender
  • Review your financial aid offer and determine how much you need
  • Apply directly through FastChoice or your chosen lender
  • Complete the required Private Loan Self-Certification Form
  • Credit approval and cosigner evaluation occur at this stage
  1. SCU Certification
  • After approval, the lender will request certification from SCU. SCU verifies: your enrollment status, that the loan does not exceed your cost of attendance minus other aid. SCU does not make credit decisions; those are made by the lender.
  1. Disbursement
  • Funds are sent directly to SCU
  • Funds are applied to your student account
  • Any remaining credit balance is issued according to institutional policies and procedures
FastChoice

Timing Matters

Private loans require multiple steps and coordination between you, the lender, and the university.

Plan Ahead

We recommend starting the process well in advance of your tuition due date to avoid delays.

Important Considerations

Private loans differ significantly from federal loans. Be aware of the following:

  • Credit-based approval: Your rate and eligibility depend on credit history
  • Interest accrual: Interest typically begins immediately upon disbursement
  • Limited protections: Private loans generally do not offer federal repayment or forgiveness options
  • Cosigner impact: A cosigner may improve approval chances and reduce rates
  • Bankruptcy limitations: Private loans are rarely dischargeable
  • Right to cancel: You have a three-day right to cancel after final disclosure

How SCU Selects Lenders On FastChoice

Lenders included in SCU’s comparison tools are identified through a formal evaluation process focused on student benefit.

Selection criteria include:

  • Competitive rates and fees
  • Borrower benefits (e.g., cosigner release, repayment flexibility)
  • Customer service quality
  • Regulatory compliance
  • Responsible lending practices

Lenders are selected solely in the interest of students, and SCU receives no financial benefit from lender inclusion.

How SCU Supports You

SCU’s Office of Financial Aid is available to help you:

  • Understand your federal loan eligibility
  • Estimate your total borrowing
  • Compare federal and private funding options
  • Model repayment scenarios based on your program and expected earnings

We strongly encourage you to speak with a Financial Aid Counselor before finalizing your borrowing decisions.

Connect with a Financial Aid Counselor