Private Loans

Private loans are intended to help students and their families cover educational expenses not met by federal, state, institutional aid, or personal resources. Before applying for a private loan, Alabama A&M University (AAMU) strongly encourages students to first explore all Title IV available federal aid options, including Direct PLUS Loans, as these may provide more flexible terms and borrower protections. A private loan may be borrowed up to the full cost of attendance, minus any other financial aid already received. Approval is generally based on credit history and ability to repay.

 

Selecting a Private Loan

Alabama A&M University does not promote or endorse any private educational loan lenders. FASTChoice is a loan comparison tool that assists borrowers in selecting and applying for a private loan. Please review lender information carefully and contact the lender with questions. FASTChoice lists several of the loan companies from which our students have chosen to borrow during the previous aid year.

Important Notice!

• Plan accordingly: Allow 3 to 4 weeks for loan processing, certification, and receipt of funds.

• You will need to apply for a loan each semester if you attend non-consecutive semesters.

• Once your loan has been processed, requests for reductions and cancellations can only be made by contacting The Office of Student Financial Aid and Scholarships.