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External Loans

Private Alternative Student Loans

Private loans, also known as alternative or external student loans, can help fill the gap between the total cost of attendance and the amount of other financial aid offered. However, it is best to exhaust all other resources first, including federal loans, which may have lower interest rates and better loan terms.

Federal Stafford Loans are available to most students, provided they completed a Free Application for Federal Student Aid (FAFSA) for the academic year.

Private lenders vary in their interest rates, terms, and eligibility requirements.

Financial Aid & Scholarships provides the following private loan list as an option to find lenders (students may find and choose any lending organization, not just the ones listed in the historical list).

International students, please refer to the private loan list for international students.

BYU–Hawaii does not endorse any specific lender; neither the university nor its employees receive any benefits or remuneration from lending organizations. BYU–Hawaii is not responsible for the accuracy of the information provided.

Frequently Asked Questions

    • External loans are available to undergraduate students admitted to and enrolled in a degree-seeking program at BYU–Hawaii.
    • Before applying for an external student loan, review your financial aid for the academic year and determine if you exhausted all federal aid.
    • You may borrow up to the cost of attendance for the academic year minus any other financial aid you received.
    • Check with the lenders regarding eligibility requirements for their products; you may be required to meet citizenship requirements and provide a co-signor who meets permanent residency or citizenship requirements.
    • Research lenders using the private loan list.
    • Please separate loan applications for each term.
    • Processing a loan application requires that BYU–Hawaii certifies it; Financial Aid & Scholarships will put the application request on hold (enrollment status confirmation; verification the request is not exceeding the cost of attendance; and being over awarded).

    Certification of External Loans

    • If your lender approves the loan application, they will send it to BYU–Hawaii for certification.
    • BYU–Hawaii reviews the application and certifies the loan.
    • Your lender will send the funds to BYU–Hawaii after a required ten-business cancellation period.

    Disbursement of External Loans

    • Your external loan will be disbursed to your student account and will cover any outstanding charges before a refund is issued.
    • You will receive a notification from BYUH Financial Services when your refund check is ready to be picked up.
    • You may sign up for eRefund to have your refunds deposited directly into your bank account.