Private Educational Loans

California Institute of the Arts recommends that all other methods of education financing be exhausted, including federal loans, grants, and scholarships, before taking on private student loans.

Private Education loans were designed to bridge the gap between college costs and traditional financial aid resources.  Private Education Loans may be used to help pay for current term expenses and some lenders allow students to apply for loans to cover unpaid balances from a previous term or academic year. Some lenders also allow students to apply for a Private Education Loan even when they are enrolled less than half time.

Private Education Loans cannot exceed the Cost of Attendance minus other financial aid the student is receiving. They are offered and serviced by private loan lenders. Students should exhaust federal loan eligibility before borrowing a Private Education Loan.

Eligibility for a Private Education Loan is based on the student's and co-signer's (if required) credit history. Most Private Education Loan lenders allow students to determine if they would like to have a fixed or variable interest rate. CalArts is an impartial party and cannot recommend any particular lender. However, through careful consideration of many factors, including borrower benefits, CalArts has developed a list of lenders that are currently participating in private student lending. Students are in no way restricted to this list of lenders when borrowing Private Education Loans.  Please visit (or click the button below) to begin your Private Educational Loan research and comparison.

Private Lending for Higher Education

The Financial Aid Office will certify Private Loan eligibility once we receive notification of an approved private loan application from your lender. Please note that there is a 5-10 business day processing timeframe before certification can take place. It is recommended to complete any and all outstanding application steps for all loans at least 30 days prior to the start of an academic term you need loan funds for.

Loan Disclosure

Please note that the borrower has the right to cancel a portion of or the entirety of their loan within 30 days of the disbursement of the funds to the student’s account. After which time it is the borrower’s responsibility to return any unwanted funds to the lender or federal loan servicer. To request a cancellation, please contact the Office of Financial Aid at and state what loan and amount you would like canceled or reduced.

The Title X of the Higher Education Opportunity Act (HEOA) requires that a series of three loan disclosures be provided to  Private Education Loan borrowers throughout the application process and that the borrower also complete the Private Education Loan Self-Certification Form prior to the loan being disbursed.

The purpose of the disclosures is to:

  • Present the terms/cost of the loan in a clear and consistent manner.
  • Allow for comparison shopping and re-evaluation of borrowing an alternative loan during the application process.
  • Present lower cost federal options that should be exhausted prior to considering an alternative loan.
  • Reduce overall borrower indebtedness.

The student is required to complete the Private Education Loan Self-Certification Form and return it to the Private Education Loan Lender. The Private Education Loan Lender will not disburse any loan funds until the student’s completed form has been received.

Only complete and return if your Private Education Loan lender requests this form. Complete your Private Education Loan Applicant  Self Certification Form here: