Private loan certification

  • Private loans are certified no sooner than 45 days prior to the first day of the term. Keep in mind that your credit check is only good for 90 days.
  • You must accept and/or decline all other financial aid that has been offered to you before your private loan can be certified.
  • The University cannot certify a loan amount that exceeds your financial aid eligibility because financial aid regulations apply to private loans, especially regarding cost of attendance. At the same time, private lenders determine their loan criteria and may use higher cost of attendance figures than those set by the University. If you are offered an excess loan amount, you must accept only the amount you are eligible to receive.
  • If you are not applying for financial aid and you apply for a private loan, your loan certification may be delayed unless you send an e-mail notice to helpingu@umn.edu with the subject line, Private Loan, to tell us that you have not completed the Free Application for Federal Student Aid (FAFSA). Please include your full name and University student ID number in your message.
  • Private loans are certified daily and most are done within 48 hours from the time we receive the lender's certification request. However, during peak periods (three weeks before and three weeks after the term begins) processing your request may take 7 to 10 business days.
  • Your certified loan will disburse only after your lender has everything they need from you, e.g., income verification, co-signer addendums, or signed original promissory notes.
  • If your loan has not disbursed after two weeks and you have not been contacted by the University, please send an email to helpingu@umn.edu with the subject line, Private Loan, and give the date that your loan application was submitted in your message, along with your full name and University student ID. We will contact you once we have determined the cause of the delay.
  • With limited exceptions, you are not eligible for financial aid to enroll in extended-term (9-month) Online and Distance Learning (ODL) courses. The Wells Fargo Connection Loan may be used in such cases, as this loan does not require school certification.