Unlike federal loans, private education loans are offered by private lenders to qualified individuals who are U.S. citizens, permanent residents, or international students. Each lender sets the conditions of their loan offerings, so it is important to educate yourself about the many options so you can understand which one(s) might work for you. If you have any questions, do not hesitate to contact the Office of Financial Aid for guidance.

Private Education Loans (New or Legacy Borrowers)

Private education loans are non-federal loans offered by private lenders such as banks, credit unions, and other lending institutions. Legacy borrowers can choose to borrow private education loans as opposed to federal student loans, replacing the Unsubsidized Direct Loan and/or the Grad PLUS. Since new borrowers don’t qualify for Grad PLUS, private education loans can help meet the gap between the student’s cost of attendance and what institutional and/or federal student loans can provide. International students can apply for private education loans but usually they will need to include a qualified U.S. citizen or permanent resident as co-signer.

Private education loans are strictly credit-based. Although some lenders will rely on the student borrower’s complete credit profile, most rely heavily on the borrower’s credit score. Students can request their credit history AND your credit score by going directly to one of the three major credit bureaus, Experian, Equifax or TransUnion. After reviewing your credit report and score, contact the appropriate credit reporting agency if you notice anything incorrect in your report:

If the credit history shows negative payment remarks, then the student needs to try to resolve these issues prior to applying for a private education loan. Having a negative credit history will lower credit scores. Resolving any negative issues will positively affect credit scores which are fluid and can change frequently.

Do not send credit reports or scores to the Financial Aid Office. This information is personal and confidential, but the Financial Aid Office strongly advises students who must borrow a private education loan to know their credit score and history since it will help them understand their private borrowing options.

Prior to borrowing a private education loan, we strongly advise the student and family maximize their financial effort before borrowing a private education loan. For those students who must borrow private education loans, adding a qualified co-signer during the application process may help the student borrower receive better loan terms (i.e. lower interest rate).

We strongly encourage students and families to:

  • First complete the FAFSA and review all federal and/or institutional needs-based grant and loan options and application instructions if the student is a U.S. Citizen or Permanent Resident.
  • Borrow only what is necessary but consider your educational costs for the entire academic year.
  • Carefully compare loan terms including interest rates, fees, repayment plans, including the length of repayment, borrower benefits and co-signer release options.
  • Know their credit history and credit score. The stronger the student’s credit profile, the more likely the student will be approved for a private education loan without a co-signer. However, in cases where the student’s credit profile is weak, the student may be able to add a qualified co-signer in order to gain approval for the loan.
  • Have multiple co-signers available to the borrower. A co-signer is usually a parent, relative, or close friend who is willing to act as a qualified co-signer. A co-signer’s credit history can include the fact they’re responsible for the private education loan and can impact their ability to obtain credit. However, some private education loan programs offer a co-signer release option after the borrower has entered repayment and proven themselves as a good credit risk to the lender.

We also recommend:

  • Students submit an application for a private education loan to their lender of choice no more than 60-90 days prior to when the 2026-27 academic year begins.
  • Some private education loan lenders will allow you to determine if you’d be approved for their private education loan by doing a “soft credit pull”. Soft credit pulls do not adversely affect borrower credit scores. When the student submits their formal application to their lender of choice, that’s when the lender will do a “hard pull” of the borrower’s credit history and score. Too many hard pulls can negatively affect credit scores.
  • TUSDM’s Preferred Lenders offer soft credit pulls. If the student is applying for a private education loan outside of this list, we recommend contacting the lender to determine if they offer a soft credit pull prior to the student’s formal application.

TUSDM Preferred Private Education Loan Lender List

Tufts University uses ELM SELECT, an independent comparison tool, as our platform for students to review the list of TUSDM’s preferred lenders for private education loans. Please be aware that you do not need to choose a lender from this list. It might be helpful to let the Financial Aid Office know if you’re selecting a lender that is not included on the list so that we can ensure that the school’s certification section is received from the lender upon the loan’s approval.

Private education loan applications are submitted online directly through the lender. The Financial Aid Office will process the loan once it appears on our certification site. Note that the amount of private education loan a student may receive can’t exceed their cost of attendance minus other financial aid received. Also note if borrowers wish to apply for additional private education loan funding, they will need to reapply for the loan through the lender’s application website.

Compare Lenders Through ELM SELECT

To help you make an informed decision, we provide a list of lenders through ELM SELECT, an independent comparison tool.

Through ELM SELECT, you can:

  • View our preferred lender list
  • Compare interest rates, fees, repayment options, and borrower benefits including co-signer release options
  • Access lender application links when ready to formally apply for your private education loan of choice
  • Select any lender that best meets your needs

Access ELM SELECT

Important: You are not required to choose a lender from this list. You may select any lender of your choice, and your loan will be processed the same way.

ELM Resources is the only not-for-profit mutual benefit corporation serving the student loan industry today. ELM Resources provides a common, non-proprietary, and open data exchange and disbursement system that seamlessly links the diverse computing platforms of schools and lenders through its industry-leading products.

ELM also offers a lender comparison solution, ELM Select, for schools that provide their own page to display a recommended lender list and offers students the ability to compare and select the loan that best fits their needs. Over 1,800 campuses use ELM Resources to send and receive loan data for alternative loans with the lender of their choice.

Preferred Lender List Information

Our preferred lender list is provided as a resource to assist students and families in comparing private loan options. Lenders included on the list were selected through a formal Request for Information (RFI) process based on criteria such as:

  • Competitive interest rates and fees
  • Flexible repayment options and borrower benefits
  • Quality of customer service and default management support
  • Ease and timeliness of application processing and loan disbursement

We review lender information periodically to ensure the list reflects the needs of our students and families.

The university:

  • Does not receive any financial benefit from lenders for inclusion on this list
  • Has no revenue-sharing agreements with any lender
  • Does not assign a borrower’s loan to a specific lender
  • Will process loans from any eligible lender you choose

Lenders are not ranked or listed in order of preference.

Borrower Choice

Students and families are not required to use a lender from the Preferred Lender List. You have the right to select any eligible lender, and Tufts will process and certify private education loans from any lender you choose.

We encourage borrowers to carefully compare loan terms, interest rates, fees, repayment options, and borrower protections before making a decision. Whenever possible, students should first consider federal student loans, which typically offer more favorable repayment protections and benefits.

Borrower Requirements and Disclosures

Under the Higher Education Act, private education loan borrowers must:

  • Receive a disclosure from the lender outlining loan terms and costs
  • Complete a Private Education Loan Self-Certification Form
  • Observe a three-day right-to-cancel period after final approval and before disbursement

Code of Conduct and Compliance

In accordance with the Higher Education Act, the university follows a strict Student Loan Code of Conduct:

  • No revenue-sharing arrangements with lenders
  • No gifts or incentives accepted from lenders
  • No preferred lender placement based on financial benefit
  • No staffing assistance from lenders
  • Borrower choice of lender is always honored

RFI Process

Tufts conducts its RFI and lender review periodically. During this process:

  • Lenders are invited to submit detailed information about their loan products and services.
  • Responses are reviewed using standardized evaluation criteria.
  • The Preferred Lender List is updated as appropriate based on the results of the review.

For questions about private education loans or the Preferred Lender List, please contact denfao@tufts.edu.

Government Aid for U.S. Citizens or Permanent Residents

If you are a U.S. citizen or permanent resident, you may qualify for a government loan or other type of aid.

Explore Aid Types