Applying for loans, which always need to be paid back, is one way to fund your education. You can apply for federal loans from the government or private loans from private lenders.

Federal Loans

Apply for federal loans by completing the FAFSA or through There are a few types of government loans, including:

Private Loans

Private student loans are available from private lenders for students whose cost of attendance has not been met with other financial aid. Private student loan lenders will indicate if a student is required to have completed a Free Application for Federal Student Aid (FAFSA).

The terms and conditions for private student loans differ among lenders and you are advised to carefully compare several loan programs before choosing a lender.

TWU does not promote or endorse any private education loan lenders. ELMSelect is a lender-neutral platform that displays a historical list of lenders that our students have used over the past award year. 

Private Loan Application Process

  • Apply online through ELMSelect or the lender’s website (you will receive the Application Disclosure Statement and complete the Self-Certification form).
  • Once your credit is approved and your private loan promissory note has been received by your lender, the lender will send TWU an electronic certification request.
  • If you meet all of the lender’s requirements, TWU will review and certify your private loan.  The amount you have requested may be reduced as it cannot exceed your Cost of Attendance less other financial aid.
  • Private loans are certified with one disbursement per semester.
  • Once your lender receives TWU’s loan certification, you will be provided an Approval Disclosure Statement by the lender.
  • Once you accept the Disclosure terms with the lender, you will receive a Final Disclosure Statement.
  • The lender will send the private loan funds to TWU once the right to cancel waiting period has ended (mandatory minimum of 3 days, but most lenders have a 6-8 day right to cancel period).
  • Private loan funds will be released to your student account only if all loan eligibility requirements are met at the time of disbursement.

Private Loan Regulations

  • Truth in Lending Act (12 CFR Part 226, Regulation Z) approved by the Federal Reserve Board revises the disclosure requirements for private education loans. Private education loans will not include some institutional loans such as tuition payment plans, most short-term institutional loans, or the Emergency Payment option.
  • Under Regulation Z of the Truth in Lending Act, a lender offering private loans for post-secondary educational expenses must first provide a disclosure about loan terms and features at the time of application and must disclose information about federal student loan programs that may offer less costly alternatives. If the initial application reaches an approval status, a second loan disclosure statement must be provided to the student at that time. If a student accepts the loan terms provided in the second disclosure statement, a third final disclosure must be provided when the loan is consummated.
  • A lender must also provide the student with a minimum 3-day rescission or “Right-to-Cancel” period after the final loan disclosure form is sent to the student. The Right-to-Cancel period means that once UNT has certified your loan and all disclosures are sent, there is a mandatory minimum 3 business day waiting period before the lender may disburse loan funds to the school. Note: If a lender only offers a mailed Final Disclosure (not online), then they must wait 6 days to disburse the loan to the school (3 days for mail time and an additional 3-day rescission or “right-to-cancel” period).
  • An additional piece of the private loan regulations requires an applicant to complete a Self-Certification form and return it to the lender before they may disburse the loan to the school. The Self-Certification form may be found on the lender’s website.  Cost of Attendance information from TWU may be needed for the Self-Certification.

Repaying Loans

You should consider all factors for repaying your loans before applying, including repayment terms, interest accrued, and the total amount paid. This can help you determine how much to borrow and the repayment plan that's right for your particular financial situation.

Page last updated 1:30 PM, February 14, 2024