Private Education Loans

Private education loans are available from a variety of lenders and banks to help students cover the gap between the cost of attending La Sierra University and the amount of other financial aid received.  To assist in your search, we invite you to use the Sparrow search tool! If you've ever bought an airfare ticket, you've likely used a tool like Orbitz, Expedia, Priceline, or another of the many options out there. On those engines you enter your travel dates and destination and you choose the best itinerary and price for you. Sparrow is to private loans what those search engines are to airfare searches. On Sparrow, you can search and compare real, personalized private student loans offered from over 16+ lenders through a simple, three-minute application. Sparrow provides a suite of analytical tools that make loan comparison easy, digestible, and visual. Using Sparrow is free and does not impact your credit score. Once you have decided which lender to choose, you will be redirected to that lender's page to begin your loan application. If you're ready for your personalized private loan search, click HERE.

Truth in Lending Act

The Higher Education Opportunity Act of 2008 (HEAO) added section 128(e) (3) to TILA which requires private loan lenders to obtain a completed and signed U.S. Department of Education Self-Certification Form from the applicant. In addition, the private loan lender must provide disclosures to borrowers at different stages of the application process.

Read more information regarding the Truth in Lending Act

Process of applying:

1. Research your private education lender options. Pay close attention to the terms and conditions of the loans. Questions you will want to ask each lender are: 
   • Is the interest rate on the loan fixed or variable? A variable interest rate might be lower to begin with, but unlike fixed interest rate loans, nothing keeps the lender from changing the interest rate on a variable interest rate loan.
   • Will I need a co-signer? If you have not established a credit history of your own, you will likely need a co-signer. Interest rates could also vary based on your (and/or your co-signer’s) credit score.
   • What are the repayment terms and options? 
2. Once you’ve made a decision, apply for the loan on the lender’s website. Indicate that you are attending La Sierra University.  Our school code is 00121500.
3. Submit any follow up documentation required by your lender.  For example, promissory note, Private Education Loan Applicant Self-Certification Form, disclosure notices, etc.
4. If applying with a co-signer, make sure the co-signer submits all of the required documentation.
5. When the loan is fully approved, your lender will notify the Student Financial Services Office of your approved loan.  We will certify the loan and add it to your Financial Aid Award Letter.  The amount we can certify cannot exceed your cost of attendance minus other financial aid you are receiving. If you request a larger loan than we are allowed to certify, we may be required to reduce it down to an allowable amount. Contact us if you have education expenses that exceed the standard cost of attendance.
6. Loans typically disburse in 3 equal disbursements to your student account in the same manner your other financial aid disburses.  If you need your loan to be disbursed in unequal disbursements, please contact us ahead of time.

Helpful Tool:

This Loan Payment Calculator computes an estimate of the amount of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Direct and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.):

Loan Calculator

For any questions regarding Private Loans, please contact Student Financial Services at 951-785-2175 or sfs@lasierra.edu.