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Private Educational Loan

Private Educational Loans (PVL) are credit-based private loans that are obtained through a lending institution of your choice.

  • NOTE: A PVL is not part of the federal direct loan program.
  • If you pursue a PVL, you are limited to borrowing up to the cost of attendance minus other aid received. 
  • Cedarville University will process PVLs from any lender you choose.

To obtain a PVL the student must:

1. Research and Select a Lender

  • Cedarville University cannot recommend one lender above another, however you may search for a lender by either:
    1. ELMSelect tool, which lists lenders Cedarville families have borrowed from in the past year, is an online tool provided by ELM Resources, or
    2. A lender of your choice (example: your private bank)
  • It is best to know which lender you want to borrow from before Cedarville's Cashier's office posts the semester's bill.
    1. The process of obtaining a PVL can take about 2-6 weeks.
  • Tips for borrowing:
    1. You can borrow for one term (example: fall or spring) or for a full year (example: fall and spring).
    2. Once the semester's bill is posted, you will then know how much to borrow for that one semester, or you can estimate what you will need for the academic year by doubling the fall bill amount. (Please email loans@cedarville.edu for questions related to borrowing a PVL for summer term.)
      • NOTE: Your bill is a "live" bill not a "static" bill, as course fees, Campus Store charges, automobile registration, etc. could change the amount of your bill throughout the semester. It is the student's responsibility to regularly check their bill to ensure they are in good standing with the university.
    3. You may not borrow above the cost of attendance minus other aid received.
      • For example, if the cost of attendance for fall and spring is $40,000, and the student is receiving $15,000 in scholarships, grants, and other aid, then the remaining $25,000 is the maximum amount you may request in a private loan for the year.
      • Again, if you want to borrow a "fall only" or "spring only" private loan, and the 1-term cost of attendance is $20,000, and the student is receiving $7,500 in scholarships, grants, and other aid, then the remaining $12,500 is the maximum amount you may request in the 1-term private loan.
  • Please review our PVL FAQ page to help refine your thoughts more.

    2. Complete the Private Education Loan Application

    • Most lenders require an established credit score, as this is directly correlated to the established interest rate of your loan (example: better credit score, better interest rate).
    • If the lender requires an established credit score, but the student does not have one, a cosigner may provide the credit score.

    3. Loan Certification

    • Once all required loan documents are completed, the lender will send Cedarville a "Certification Request."
    • Our office will review the following before certifying the private loan:
      1. Ensure the student made decisions (either "Accepted" or "Declined") on their federal loans on their Financial Aid page.
        • If the student has not "Accepted" or "Declined" all their federal loans (especially their federal student loan(s)), we will send the student an email requesting they do so. We will not certify the loan until they have done so.
        • Students may borrow a combination of federal and PVLs, however the total combined amount of aid may not exceed the total cost of attendance.
      2. Review and confirm that the certification loan requested amount does not exceed the cost of attendance (see above).
        • If the student has requested more than they are eligible for with the cost of attendance maximum, then our office will certify a reduced amount.
      3. Ensure the student has requested the loan for the correct academic period.
    • Once we certify the loan, we will place it on the student's account as 'Pending' until we receive notice from the lender that the funds have been sent to the university.

    4. Loan Disbursement

    • After the loan is certified by Cedarville, there is a minimum of 3 days before aid is disbursed, to adhere to the Final Approval Disclosure. This allows the borrower the right to cancel the loan before it disburses.
    • Once our office receives the disbursement information, we will change the private loan status from "Pending" to "Actual" on the student's account.