Students who need additional help meeting college expenses may be able to obtain a private or alternative educational loan. Offered through organizations, banks, and credit unions. Application for an alternative loan is made directly through the lending institution.
Students may receive private loans up to the cost of attendance (budget) minus all other financial aid and resources. Potential borrowers should make a decision on a lender after first comparing interest rates, repayment terms, loan limits, eligibility, loan fees, and other benefits.
Reynolds does not endorse any particular private lender. We will certify loans (based on eligibility) for any lender that a student may choose. The credit check performed by most lenders expires after 90 to 120 days (please contact your lender to verify the credit expiration date). Students should take this into consideration before making any application to avoid potential delays due to credit expiration.
You will need to respond to all of the lender requests promptly and allow at least four weeks for processing. J. Sargeant Reynolds cannot defer student account balances until a loan approval from the lender is received.
Reynolds recommends that students complete the Free Application for Federal Student Aid ( FAFSA ) to determine eligibility for federal loans before applying with private lenders. The terms and conditions for federal Title IV loans may be more favorable than those of private lenders. To learn more about the difference between Federal Direct Student loans and private loans please visit: Federal Versus Private Loans | Federal Student Aid.
Steps for the Private Loan process
- Student chooses lender and applies for private loan
- Loan servicer notifies Reynolds Financial Aid Office
- Reynolds Financial Aid Office certifies the loan
- Private loan funds are sent from the lender to Reynolds Financial Aid Office
- Reynolds reviews student's enrollment to ensure enrollment is the same as when the loan was certified. If there has been a reduction in enrollment, it is possible that the loan will be reduced to prevent an over-award of funds above the student's Cost of Attendance budget.
- Private loan funds are disbursed to pay tuition, fees, and book expenses. If a student is eligible to receive a refund back once all tuition, fees, and book charge expenses have been paid, refunds will be processed and sent out by Nelnet Campus Commerce.
If you apply for a private loan, the following items may be requested and must be submitted in person to the Financial Aid Office. They will include, but are not limited to:
- Two (2) forms of identification; one of which must be a government-issued ID (driver’s license, identification card, and/or passport). Secondary identification can include, but not limited to, credit/debit card, additional photo ID, etc.
- Proof of residency that matches the address on your loan request (utility bill, lease agreement, or Official document or correspondence from a federal, state, or local government agency displaying the applicant’s name and current address)
There are two (2) options to receive your refund
- Have your refund check mailed to you at the address currently in the college database. There is nothing you will have to do. It will be mailed out automatically. OR
- Have your refund ACH/Direct Deposit to your personal banking (Checking/Savings) account. You will have to enroll with the Nelnet .
To enroll for Direct Deposit you must enroll with Nelnet Campus Commerce by logging on to MyReynolds . Navigate to the Student Center page, scroll down to the Finances section, and select Manage Refunds . Visit the Business Office page for more information Refunds | Reynolds Community College.