Private Loan Options

A private education loan is a private (non-governmental) loan made by a bank to a student expressly for the purpose of paying for college expenses such as tuition, room and board and other associated costs. Students who need more financial assistance than what their federal financial aid package offers can consider a private loan. 


Several options exist. Unlike federal loans, private loans have variable interest rates, fees, and strict credit criteria. These factors vary by lender and will determine the borrower's interest rate and fees. While interest may accrue on the loan while the student is in school, during grace, and during repayment, there are a variety of repayment plans and forbearance options.

In financing the investment in your education, there are several private loan options available for you to consider. The comparison chart below displays some of the key factors. None of the loans have fees associated, and all offer at least a six month grace period upon separation from the University. All of these loans do have a cosigner option available if needed. It is important to allow time before the start of the semester to pursue all of the options you would like to explore so that you can make an informed decision as to your preferred option for the upcoming school year.

ORU Private Lender Options

To further compare your private loan options and review their key features, and apply for the loan or loan options of your choice, use the following link:


Students should carefully compare their options when selecting a private lender. New FICO rules allow potential borrowers to "comparison shop" without the inquiry affecting their credit score so long as the inquiries all occur within 30 days. For a list of lenders ORU works with, please see the following link:


Students should allow ample time to apply for private loans and select their best option. Please allow 5-10 business days for the initial conditional approval and up to 30 days during peak season for the lender's final processing and approval. Lenders will notify ORU of approved and complete applications within 3-5 additional business days.


At Oral Roberts University, we're dedicated to providing the most efficient customer service to our students. In an effort to achieve this goal, we issue formal information requests to student loan lenders based on the National Association of Student Financial Aid Administrators (NASFAA) best practices to recommend lenders that provide the most competitive pricing, reliable technology, and dedication to quality customer service (click here to view the request). Students may choose from our recommended list or any lender they believe best meets their needs. Please note that there are other private lenders not listed that may best suit your financial needs. If this is the case, please contact the ORU Financial Aid Office to let us know of your private loan preferences.

Know your rights as a borrower, "Truth in Lending Act"