Private Student Loans
Private Student Loans are an additional funding option to be used in combination with, or as an alternative to Federal Student Loans. Approval and loan terms are based on the applicant’s credit worthiness as determined by the lender.
As a general rule-of-thumb, federal loans are typically easier to qualify for but private loans may offer a lower interest rate.
Private Student Loans are a funding option that can be used in combination with, or as an alternative to, Federal Student Loans.
This funding is potentially available to US Citizens and Permanent Residents (green card holders). Some lenders are also willing to lend to International Students, but will require a US Citizen or Permanent Resident co-signer on the loan. International applicants may find additional funding information on the International Students page.
Rice University provides a historical lender list to help you compare lenders/rates, etc.
Select "MBA" from the drop-down menu and then "View Loans".
Please note you are not limited to this list and may borrow from any lender of your choice.
STEP 1
Review the Cost and Funding Calculator spreadsheet and determine the amount of funding you want to borrow for the academic year (3 quadmesters).
STEP 2
Determine the lender you wish to borrow through. The ELMSelect historical lender list may assist you in your search.
STEP 3
Apply for your loan directly with the lender of your choice.
- If you are starting school in October, the Loan Period is October 3, 2022 to June 25, 2023
- Some lenders request that you include the estimated Cost of Attendance (COA) figure in your application. You will find that information in the Cost and Funding Calculator spreadsheet.
Once approved, the lender with send a certification request to Rice University asking for confirmation of loan amount , disbursement dates, etc. Once your loan is certified by Rice, the funding will show in the Financial Aid award section of your ESTHER account.
Disbursement
Assuming you have completed all loan application steps*, funding begins to disburse in 1/3 increments during the first week of class.
Funding is transferred from the lender directly to Rice University and is then applied toward your ESTHER Student Account.
*Please note that it takes approximately 2 weeks after all loan application steps have been completed before the lender is able to disburse your funds, so you should begin the application process as soon as possible.
Refund
If you decide to borrow above the cost of tuition, the credit on your account will be refunded to you by the University Cashier's Office. We recommend that you set-up a Refund account in your ESTHER Payment Suite so that funds can be electronically transferred to your bank account. If you choose to not set-up a Refund account, it can take 2-3 weeks for you to receive a mailed refund check.
Navigation tip: ESTHER => Student Services => Payment Suite (grey button) => Refund