• U.S. citizens and permanent residents: Private loans should be regarded as a last resort, and pursued only after all other federal borrowing options have been considered.
• International students: International students may borrow from private sources or apply for private student loans through banks, credit unions, or other lending institutions. 

The Graduate School can only certify loan amounts for essential educational expenses up to the cost of attendance, and less student resources. Expenses such as car payments or vacation travel are not usually considered essential. Eligibility for private student loans is calculated as the difference between a student's cost of attendance and the financial assistance s/he receives from Princeton and other sources. 

Taking marital status, number of dependents and living arrangements into account, the Graduate School determines a student's eligibility for alternative student loans according to the following formula:

Student Loan Eligibility = Cost of Attendance minus Financial Aid from Princeton and other sources.

• Cost of Attendance: This includes tuition, housing, food, books and other expenses for one academic year. The actual cost of attending Princeton University may differ from the estimated Cost of Attendance used to determine eligibility for student loans.
• Financial Aid from Princeton and other sources: Includes department aid, internal fellowships, external funding, stipends, Assistantships in Instruction and Research.
• Students may request an adjustment to their cost of attendance based on special circumstances. Special circumstances refer to the financial situations (loss of income, etc,) that justify an aid administrator adjusting data elements in the cost of attendance.

It is Princeton’s policy to process loan applications through any lender a student chooses. Princeton does not recommend lenders or maintain a “preferred lender” list. It is your right and responsibility to select your lender.

One of the most important decisions you face as a borrower is selecting your lender. Banks, credit unions, and other financial organizations act as private student loan lenders. In most instances, international students who wish to borrow an educational loan must have a cosigner who is a U.S. citizen / permanent resident and has a good credit history. Below are items to consider as you research lender options.

• Interest rates and fees: Some lenders may offer better interest rates and fees, but you should also consider the additional factors listed below in your decision.
• Repayment benefits: Some lenders offer principal balance or interest rate reductions tied to repayment performance. Some repayment benefit plans are simple and others are complex. Make sure you understand the terms you must meet and the likelihood of receiving the benefit in repayment before choosing on this basis.
• Application process: Many lenders offer online application and signature processes.
• Customer service: Your ability to quickly reach a knowledgeable representative to check on the status of your loan is important. Also, consider how you can find out information about your loan or speak with someone during hours that are convenient for you.
• Other considerations: In addition to these items, you may want to consider: the profit status of the lender (for-profit or not-for-profit); what organization handles the origination of the loan (the lender or a third party); and what company will you work with during repayment of the loan (the lender or a third-party servicer).

Please follow the steps outlined below:

1. Select a private lender. Complete all documents required by your chosen financial institution.
2. Complete and submit the Princeton University Graduate School Preliminary Loan Application (available after July 1st). New incoming (G1) students and those returning to active status on September 1 may be unable to submit the Preliminary Loan Application until September 1. This will not delay processing of your loan application nor affect your eligibility. 
3. Complete the Private Education Loan Applicant Self -Certification form. If you have any questions about your cost of attendance, please reach out the Graduate School - Finance & Administration
4. Email the Graduate School - Finance & Administration to inform our office which financial institution will be processing your private loans.