Students at Yale SOM who are U.S. citizens or eligible noncitizens have the option of applying for a private loan instead of a Graduate PLUS Loan. Private loan terms, conditions, and eligibility requirements will vary, and the borrower (and co-borrower, if applicable) should first compare information amount available student loan providers and apply for the one that best suits their needs.
Students can find more information about different lenders through ELMSelect.(ELMSelect provides a comparison of different lenders, which you can use to evaluate lenders and select one that suits your loan needs). This is not a list of recommended lenders but is rather a list of those lenders used by our students over the past three years. Students have the right and ability to borrow from a lender of their choice and are not limited to those on this list.
PLEASE KEEP IN MIND THE FOLLOWING:
- It is your responsibility to research the different lenders and their loan products.
- Private loans may or may not have an origination fee, you should make sure that you check in with the lender that you apply with regarding whether or not they have an origination fee.
- Yale SOM cannot act as a cosigner for either domestic or international students.
- Repayment plans for private loans can vary from lender to lender. We typically find that private lenders offer a repayment period ranging from 5-15 years.
Frequently Asked Questions
How do I apply for a private student loan?
Students should first apply directly with the lender of their choice. For U.S Citizens and eligible non-citizens: you can review various lender options directly on ELMSelect. By no means are you required to apply for a loan on this list, it's merely offered as a starting-point. For International Students: International students without a U.S cosigner have an option of applying with a no-cosigner lender with Quorum Federal Credit Union.
Can the Financial Aid Office help me in choosing a private lender?
Our office is actually prohibited from recommending one private lender over another. The University has, however, compiled a 'Lender Comparison Chart' through ELMSelect, which details lenders that our students have anecdotally borrowed from. To access Yale SOM's chart, enter "Yale University" in the school search engine, and then "MBA" under 'Select Program'. Although this chart is meant to be a starting point for you in your private lender search, you can apply for any private educational loan of your choosing.
What type of repayment plans are offered for private loans?
Repayment plans for private loans can differ from lender to lender; we typically find that private lenders offer a repayment period ranging from 5-10 years.
Do private loans have origination fees associated with them?
Private loans may or may not have an origination fee. You should make sure that you check in with the lender regarding whether or not they have an origination fee.
How does my private lender communicate to the Financial Aid Office?
All educational loan certification requests are sent electronically to our office by your lender automatically once your application is completed. You will be asked to complete a Private Loan Request Form so our office can be sure to allocate your funds according to your wishes. Additional information will be available to students.