Rice University continues to work diligently to lower student indebtedness. Undergraduate students at Rice are not offered loans in their need-based aid package, but they may request loans to help finance their family contribution. Graduate students are offered loans after other aid has been considered and based upon limits set by the federal regulation. Before applying for a private loan, we encourage students to explore the differences between federal and private loans discussed in the StudentAid.gov article.

Before Applying for a Private Loan

When considering loans, the U.S. Department of Education recommends Federal Direct Loans first for eligible students. The FAFSA® is used to determine Federal Direct Loan eligibility for undergraduate and graduate students. Loan limits and eligibility requirements can be found on our Direct Loan page and StudentAid.gov.

Visiting or continuing education students are not eligible for federal, state, or need-based institutional financial aid. For more information, please visit Visiting and Continuing Education Students.

Applying for a Private Loan

Before we certify a private loan, we will ask applicants to notify us of whether they will either utilize or forego their federal loan eligibility.

Private and alternative loans are offered by a variety of banks, credit unions, and other financial institutions as a borrowing option toward educational expenses. These loans are credit-based and approval is determined by the lender. Private loans may only be certified up to the lesser of the credit approved amount or the remaining cost of attendance after considering other financial aid and outside resources for the loan period.

To help students evaluate private loan options, the ELMSelect tool contains a list of historical private loan providers used by current and former Rice students. While this site allows students to compare the benefits and services offered by several lenders, students have the right and the ability to select the lender of their choice- whether or not they are on the list.

If a student proceeds with a private loan, they will be required to the complete the Private Education Loan Applicant Self- Certification form. The lender will provide this form or it can be downloaded here. Students will receive a final disclosure statement from their lender after the student signs the master promissory note confirming the terms and conditions of the loan.

Finally, private loan applicants should aim to complete the private loan process before the end of the semester in which they intend to receive the loan.

By proceeding to the ELMSelect tool to compare lenders, you acknowledge that you understand and agree with the statements above.