International Student Loans

Eligibility for private loans often depends on the student's credit score; therefore, a co-signer is most often required. Even if a co-signer is not required, the student can usually receive a more favorable rate with a co-signer. Private loans generally cost more than the education loans offered by the federal government but are less expensive than credit card debt. 

Some lenders offer a fixed rate product, while others offer a variable rate product. Some lenders offer both types. A fixed interest rate will not fluctuate over time. A variable interest rate moves (up or down) based on changes of an underlying index. Some variable rate loans have an interest cap which cannot be exceeded. 

Use your financial aid offer, your BearWeb account, or contact Baylor One Stop to determine your maximum private loan eligibility. You should only request loan funds to cover your specific educational needs rather than the maximum allowed for the enrollment period. We recommend you borrow for the full academic year, not one semester at a time. Interest does not begin accruing on each portion of the loan until that portion is disbursed. Calculate how much you need to borrow for the semester and double that amount to cover both the fall and spring semesters. If you need help preparing a personalized budget, you may make an individual appointment by emailing Financial_Foundations@baylor.edu.

When submitting a loan application with a lender, please be sure to enter your desired loan amount. 

Please use the following dates as a guide to help select the loan period you will request on a loan application with a lender. 

It is important that the start and end dates indicated on your loan application match the start and end dates of the term or terms you are needing the loan to cover. 

At Baylor University, there are two measurement categories for an academic year: a traditional academic or scheduled academic year (SAY) or Borrower-Based Academic Year (BBAY).  

Traditional Academic Year (SAY) 

• Begins in fall and ends in the spring, with summer as a non-compulsory trailer term.  
• All summer aid is packaged separately.  Summer aid is not packaged until a student enrolls in the summer term.  Summer loans must be applied for separately.  
• There are undergraduate and graduate programs that operate under a SAY. 

Borrower-Based Academic Year (BBAY) 

• Can be trimester, quarters, and contain modules. 
• Can begin at different times during the year, depending on the program, and when the student begins attending. 
• Currently, online graduate and the ABSN programs operate under a BBAY. 

Please keep in mind that the loan periods listed here are based on traditional semester or law student programs. Online programs in trimester, quarter, or borrower based academic years may have differently defined periods of enrollment that may create a different loan period.  

General Loan Periods

• Undergraduate and Graduate Students
  • Fall/Spring - August to May
  • Fall - August to December
  • Spring - January to May
  • Summer - May to August
• Law Students
  • Fall/Winter/Spring - August to April
  • Fall - August to November
  • Winter - November to January
  • Spring - February to April
  • Summer - May to August 

Some important factors for you to consider in choosing a lender include cost (interest rates and potential origination fees), flexibility (re-payment options), and customer service. Common customer service considerations include the availability of a fixed-rate loan product, account information online, deferment options, and co-signer release options. 

Baylor utilizes ELMSelect, a neutral lender and product comparison tool, to present the lenders on our preferred lender list to you. Access our lender list by visiting: 

ELMSelect

IMPORTANT:  You are NOT restricted to the lenders presented on our preferred lender list. You should not be directed to any specific lender by the University; you may choose any lender and follow their application process. 

We provide this list as a resource for you to research and make the best selection for your educational funding needs. This list is not exhaustive and other options are available. You do not need to borrow from a lender on this list. 

Preferred Lender Arrangements

Placement on the lender list is the result of our annual evaluation of the lender's borrower benefits offered, timely processing, flexibility, historical certification levels at Baylor University, and customer service to you and our staff. To ensure lenders on this list are selected based on the best interests of the borrowers we specifically review: 

• Payment of origination or other fees on behalf of the borrower.
• Highly competitive interest rates, or other terms, conditions, and/or provisions. 
• High quality loan servicing. 
• Additional benefits beyond typical standard terms, conditions, and/or provisions in loan borrowing. 

We exercise a duty of care and loyalty to our students when compiling the preferred lender list without prejudice and for the sole benefit of students and families at Baylor University.  We will not deny, impede the borrower’s choice of lender, or cause unnecessary delay in loan certification for those who choose a lender that is not included on the preferred lender list. Vendors on our preferred list were last reviewed July 2024.

When viewing Lenders on ELMSelect, PLEASE BE SURE TO: 

• Click on the VIEW button to see more information about the lender and loan options. 
• View the DETAILS to see the Lender & Servicer information to understand any vendor affiliation to other lenders on the list and loan program specific disclosures. 

Private Education Loan Self-Certification

Instructions: Obtain the Private Education Loan Applicant Self-Certification form from your lender or print it and complete Sections 2, 3 and 4. Return the completed form to your lender; do not submit it to the Financial Aid Office.