Steps to apply for a private loan

 

If you have financial need after the Federal Stafford and Federal PLUS loan options, you may consider a private loan. Please understand that each private loan lender uses its own company’s credit criteria. The credit terms are generally more stringent than a Federal PLUS Loan, and may require a cosigner. Interest rates, repayment terms and other options vary widely so it pays to shop around for your best deal.

  • Complete your Free Application for Federal Student Aid (FAFSA) with the KCAI school code 002473. The FAFSA will determine your eligibility for loans.
  • Obtain a creditworthy cosigner before applying online. This could be a relative or friend. 
  • Complete a Private Loan Data Sheet for New Students and submit it to the Financial Aid office.
  • View our Preferred Lenders (right-hand column) for private loans to select a lender.
  • Click on the link of your lender on the Preferred Lender List for Private Loans and complete the online application; be sure to e-sign.
  • FOLLOW UP with the private lender even though you might be “pre-approved”. Chances are you will need to send documentation such as driver’s license or pay stubs to complete the application process.
  • The private lender will process the loan and send it to the school for certification ONLY WHEN ALL DOCUMENTATION IS COMPLETED.
  • If you are having any difficulties with the online process, call your new lender’s toll free number to help you with their Web site. They are the “loan experts” and can walk you through the process step-by-step.

Important!

Release and Disclosure: Please remember to sign and return your financial aid release and disclosure form. You may fax the signed form to 816-802-3453, or mail to KCAI Financial Aid Office 4415 Warwick Blvd., Kansas City, MO 64111

 

 

KCAI preferred lenders for private loans

The Financial Aid Office is committed to choosing lenders who provide good service and benefits to our students. We are also committed to choosing lenders who we believe are in the student loan business for the long haul. In November 2007 over 30 lenders were asked to provide information regarding their benefits and services via a Request for Information. 

How was the lender list developed?

The lender’s responses to the RFI were ranked using criteria developed by the National Association of Student Financial Aid Administrators (NASFAA). The results of these rankings and responses to the RFI were examined by a committee of financial aid administrators and members of the business office. In March 2008 fourteen lenders who submitted an RFI were personally interviewed by the committee mentioned above. 

The committee made recommendations to the Executive Vice President for Administration and the Vice President for Enrollment Management taking into account efficient processing, customer service (for parents, students, and administrators) and benefits to the borrower. The final selection was approved by the Executive Vice President for Business and the Vice President for Enrollment Management. 

Kansas City Art Institute continues to provide students and their families with a Preferred Lender List despite current concerns regarding such lists because we believe that it is helpful to our students, who often request guidance in the selection of the lender. The preferred lender list is intended as a guide only. The Financial Aid Office will process a loan from any lender selected by a student.

 

Preferred lenders for private loans

 

NextStudentlogo

Next Student Loans
866-709-6663
Lender Code: 834051

 

CollegeLoanCorplogo

College Loan Corporation
800-892-1588
Lender Code: 833733
Collegeloan.com/kcai/

 

Chaselogo

CHASE Bank
866-306-0868
Lender Code: 503000
chaseselectloans.com/

 

FifthThirdlogo

Fifth Third Education Lending
800-222-7192
Lender Code: 508780
53EducationLending.com

 

SallieMaelogo

Sallie Mae
888-2SALLIE (888-272-5543)
Lender Code: 900905
salliemae.com/kcai/signature

 

USBanklogo

US Bank
800-242-1200
Lender Code: 830964
USBank.com/kcai/