Other Loans
Non-Federal Loans
Alternative loans, also known as private student loans, are loans offered by private lenders to students and their families to help cover education expenses. Unlike federal student loans, which are funded by the federal government, private student loans are funded by private banks, credit unions, educational institutions and online lenders. Learn more below.
Creighton Undergraduate Institutional Loan Program
In addition or in lieu of Federal Direct Loans, students may be eligible for a loan from Creighton as part of their financial aid award. The Creighton Undergraduate Institutional Loan Program allows undergraduate students to borrow a limited amount of loan funds through the University. Students should fill out the FAFSA to be considered, and eligible students will be notified as part of their financial aid offer. The interest rate is fixed at 6%, no interest accrues while a student is enrolled at least half time and repayment begins 9 months after graduation or less than half-time enrollment, whichever comes first.
Loan Details
Deferment and cancellation provisions for this loan program are listed on the promissory note (see details about the promissory note below). Repayment of the loan is made to the Creighton University Student Financial Services Office or through Heartland ECSI, Creighton's third-party loan servicer. During repayment, the student will be billed monthly and must make a minimum monthly payment of $50; students have a maximum repayment period of 10 years. Students must complete the online entrance interview and promissory note to receive Creighton Undergraduate Institutional Loan funds. The Business Office will provide information to recipients. Students must also complete an online exit interview prior to leaving Creighton University.
Important Loan Process Details
Before loan funds can be applied to your account, you are required to complete a promissory note.
As part of the online process, you will need to validate your identity by providing your Social Security number, last name, first name and date of birth. You will also need a PIN that will be sent to you in a separate email from webmaster@ecsi.net with the subject line "Creighton University:Promissory Note" to complete the online process. If you cannot find this email in your inbox, please double check your spam, junk and deleted mail folders.
If you absolutely cannot find the email, please contact studentaccounts@creighton.edu and request the email with your PIN be resent to you.
IMPORTANT: If you receive the “Authentication Failed” message, you will not be able to complete the Promissory Note process online or electronically sign the Promissory Note. You will need to print, complete and send the paper forms to Creighton’s Financial Aid Office. Please see the address at the bottom of these instructions.
The following are important items to remember when completing your Promissory Note Package:
- You must provide complete reference information for yourself, next of kin (relative) and two additional references. Failure to complete all lines accurately will delay disbursement of your loan to your account.
- Most pages require that you accept the terms by checking a box at the bottom of the page. You will not be able to proceed without completing this important step.
- Read the Promissory Note completely. Once you have read the Promissory Note, you must sign the note at the bottom of the page. If you are completing the online process, you must sign the Promissory Note electronically. To electronically sign the Promissory Note, mark the check box and enter your full legal name.
If you can complete the process online, you will not need to print or deliver the paper forms as we will receive the information electronically. If you were not able to complete the process online, you will need to print, complete and deliver the package to the address below.
Your electronic promissory note will be reviewed by the Financial Aid Office before any monies are disbursed. If you have any questions, please contact us at 402.280.2731 or financialaid@creighton.edu.
Creighton University
Financial Aid Office
Harper Center Rm 1100
602 N. 20th Street
Omaha, NE 68178
Other Private Loan Options
If you’ve exhausted all federal grant, loan and work opportunities along with institutional aid funds, but still do not have the personal resources to pay any remaining balance owed to Creighton, a non-federal private alternative loan may be an option to consider. Loan terms, such as interest rates and loan fees will vary depending upon the lender. These loans are based on the borrower's creditworthiness. They are provided by commercial lenders and are very similar to any other type of non-collateral consumer loan.
Lenders offer different loan programs based upon program of study. Students can borrow up to the cost of education minus other aid. All alternative loans require students to complete a separate application every year.
Compare Loan Programs
You can compare loan programs that Creighton students have used during the past three years. Creighton does not endorse any such loan provider, nor does Creighton have any type of relationship with any lender offering this type of educational loan. Creighton does not participate in any way in determining the creditworthiness of the applicant leading to approval or denial for this type of loan. There are many regional and local lenders who also offer private loans, and Creighton will certify your loan application with any lender you choose.
Loan Disbursement
Federal loans and most private loans are disbursed electronically to your student account at the Business Office. Provided all requirements are met, loan funds generally disburse about three days before classes start each term. If your financial aid exceeds direct costs, the Business Office will refund the balance to you generally within two business days by signing up for direct deposit on the NEST.
Image
