Private Student Loans

The terms and conditions of Federal Student Loans may be more favorable than the provisions of Private Educational (alternative) loans. Students are encouraged to exhaust all federal grants, loans, and any scholarship opportunities before considering a Private Educational (alternative) loan. Below, we have provided some helpful information for students to review as well as private loan comparison resources for students to access. Please note that student private loans take up to 14 business days to process once the semester begins.

Loan Review

Private Educational Loans are private lender loans and are not part of the William D. Ford Direct Student Loan Program. Students may review the federal student loan website to learn more about comparing federal and private student loans. The following are stipulations that students should consider when applying for alternative loans:

  • Each lender/loan may have different eligibility requirements and terms (repayment, interest rates, etc.)
  • Eligibility for private educational loans often depends on a borrower’s credit score and application, and/or the credit worthiness of the student’s co-signer.
  • Private educational loans require school certification. The Certification request is sent to NMSU via ELM only after the credit check has been approved.
  • NMSU is required by law to ensure the sum of private educational loans and other financial aid does not exceed your cost of attendance.  If this total exceeds your cost of attendance, your loan may not be certified for the full requested amount, and /or a portion of your loan funds may be returned to your lender.
  • Once students have received approval from a lender, please note that it may take up to 14 business days to process and disburse your private loan to your NMSU student account.

Questions to ask before selecting a Lender/Private Loan

Student Budget

  • How much unmet need is available in my cost of attendance/student budget?
  • How much do I need to borrow?
  • Do I need a private lender or do I qualify for federal student loans?

Lenders Policies

  • Does the lender offer Electronic Funds Transfer (EFT)?
  • Can I apply for a private loan to pay past-due charges?
  • Can I apply for a private loan after the term has ended? How long after?

Interest rates

  • What is the interest rate? Is the interest rate fixed or variable?
  • Would a co-signer lower the interest rate?
  • Is there a co-signer release option?
  • How often is the interest added (capitalized) to the principal amount?


  • Can payment be deferred while in school?
  • Are there any prepayment fees?


Private Student Loans Resources

ELM Select is a not-for-profit private loan resource that allows students to compare recommended privates loans based on their needs and preferences. Simply put, it makes comparing private student loans easy. With a few clicks, students can view, filter, and compare private student loan options available for a specific school. Powered by ELM Resources, one of the most trusted names in the industry, ELM Select provides students and borrowers with the information needed to make intelligent, well-informed decisions regarding private student loans.

ELM Select Private Loans



New Mexico State University has received no consideration from any lenders for placement on these lists.

Placement on these lists DOES NOT in any way constitute an endorsement from NMSU, nor should it be construed as a preferred lender list. You are free to borrow from any lender of your choice. While NMSU has made every effort to confirm each of the lender loan terms described above through the website it cannot guarantee its accuracy. Furthermore, not all lenders are available to students at all schools. The borrower should confirm any and all loan terms with the lender PRIOR to accepting the loan. Each lender’s position on the list is randomly determined. NMSU will update this page as necessary. The information provided is subject to change without notice.