You may borrow from any eligible private lender you choose. Ave Maria School of Law does not endorse, recommend, or promote specific lenders.

Some students choose to use loan comparison services that allow them to review private education loan products in one place. Ave Maria School of Law provides access to ELMSelect, a loan comparison tool that allows students to search participating lenders, explore eligibility requirements, review repayment features, and compare options side by side.

Using a platform such as ELMSelect may help streamline the application and certification process. However, you are not required to select a lender based on participation in any comparison system.

As with any financial decision, borrowers are encouraged to evaluate loan terms carefully and select the option that best fits their individual circumstances.

In some cases, a private education loan may be used to resolve an outstanding balance from a prior term if the charges are related to eligible education expenses.

Because private loans are certified by academic term, loan funds must align with the period for which they are approved. If you need funding for both a prior-term balance and a current or upcoming term, separate loan applications may be required for each academic period.

Students should work with their lender and the Ave Maria School of Law Financial Aid Office to ensure loan applications correspond to the appropriate enrollment timeframe.

Private education loan disbursement involves several steps between your lender and Ave Maria School of Law. From the time your loan is certified by the school, the full process typically takes approximately 20 business days before funds are applied to your student account.

Here is how the timeline generally works:

• Once all required information is received from your lender, Ave Maria School of Law will review and certify your loan eligibility.
• You will receive notification when certification has been completed.
• The certification is then returned to the lender. Federal regulations require a waiting period, generally seven to ten business days, before funds may be released.
• After that period, the lender sends the loan funds to the school.
• When the funds arrive, they are applied to your student account. Any remaining credit balance is issued in accordance with the school’s refund process.

Because this process includes multiple review steps, electronic transmissions, and a mandatory waiting period, students should plan for loan funds to be applied to their account approximately three to four weeks after certification is completed.

A disbursement hold may appear on your student account if private loan funds have not yet been received from your lender or if eligibility requirements for release of those funds have not been completed.

Once loan funds are received, Ave Maria School of Law must confirm that you meet the basic eligibility criteria for disbursement. These may include maintaining Satisfactory Academic Progress, meeting enrollment requirements such as at least half-time status, and being admitted into an eligible degree program.

Some private lenders permit disbursement even if certain eligibility conditions differ from federal aid standards. If your selected loan allows for those exceptions, Ave Maria School of Law will apply the funds to your account within the standard three-to-five-business-day timeframe after receipt.

In many cases, a private education loan may be used to resolve outstanding tuition charges from a prior academic term. Because lender policies vary, you should confirm directly with your lender that funding may be approved for a past-due balance.

If your lender confirms eligibility, be sure to request a loan period that corresponds to the term in which the tuition charges were incurred. Ave Maria School of Law cannot begin reviewing or certifying a loan until the lender formally submits the application information to the school.

Once the loan is certified and funds are received, they will be applied to your student account toward the outstanding balance.

If you already have a loan approved for the current academic year that has not yet disbursed, it may be possible to adjust the loan period to a prior term, subject to lender approval.

You are welcome to explore and apply with any private lender. Because the loan is issued by that lender, questions about application status, credit decisions, interest rates, borrower benefits, or processing timelines should be directed to your lender or loan servicer.

Ave Maria School of Law does not have access to the specific terms of your agreement or real-time updates regarding underwriting or funding decisions.

For questions related to loan certification, disbursement timing after funds are received, or the application of loan proceeds to your student account, please contact the Ave Maria School of Law Financial Aid Office.

Please note that after a loan is approved, additional time is required for certification and for the lender to release funds. Your lender can provide the most accurate estimate of when each step in that process will occur.

A Satisfactory Academic Progress (SAP) hold may affect whether private loan funds can be released to your student account. Disbursement ultimately depends on the eligibility requirements established by your lender.

Once Ave Maria School of Law receives the loan funds, your record will be reviewed to determine whether you meet the conditions for disbursement associated with that loan. If your selected lender does not require SAP for disbursement, and all other eligibility criteria are satisfied, funds are generally applied to your account within three to five business days after receipt.

Because lender policies vary, borrowers should confirm directly with their lender whether SAP is a condition of their loan.

Some loan comparison tools, including ELMSelect, allow users to review lender policies related to SAP requirements.

If your private loan has already been certified by Ave Maria School of Law, increases cannot be made to that existing certification. To request additional funds, you must contact your lender and ask them to submit a new certification request for the difference. Any additional loan amount remains subject to your cost of attendance and institutional eligibility requirements.

If you wish to reduce your loan amount, either before or after disbursement, you should also work directly with your lender. The lender will advise you on available options and any applicable deadlines.

Once a revised request is received from your lender, Ave Maria School of Law will review and process the updated certification in accordance with your enrollment and loan eligibility.

Canadian citizens and permanent residents who meet provincial residency requirements may be eligible for funding through the Canada Student Loan Program (CSLP) and, in some cases, additional provincial loan programs.

Unlike U.S.-based private education loans, Canadian student loan funds are typically issued directly to the student by the province or lending authority. Ave Maria School of Law does not receive these funds on the student’s behalf.

However, enrollment and loan confirmation documentation must be completed by the school. These confirmations are processed one academic term at a time. Students should submit a new request for each term after charges for that period appear on their student account.

If your province requires documentation from Ave Maria School of Law, please follow the instructions provided by your provincial aid office when submitting confirmation or enrollment forms.

Private education loans must be certified by academic period and may not span multiple academic years.

Eligible certification periods include:

• Fall and spring within the same academic year
• Fall term only
• Spring term only
• Summer term only

Loans approved for fall and spring may be applied to both terms within the same academic year. If you need funding beyond the approved loan period, you may be required to submit a new loan application for the additional term or academic year.

Private education loans are certified by academic term. Eligible loan periods may include both the fall and spring semesters within the same academic year, or a single term such as fall, spring, or summer. Loan funds may only be applied to the term or terms for which the loan is approved.

Multi-term loans
When a loan covers both the fall and spring semesters, the total approved amount is typically divided into two equal disbursements. One portion is released for the fall term, with the remaining funds scheduled for the spring term.

Single-term loans
Loans approved for a single academic period are generally issued in one disbursement for that term.

Disbursement timing
After you receive your Loan Consummation Disclosure from your lender, federal regulations require a waiting period before funds may be released. In most cases, loan funds are disbursed approximately 8 to 10 business days after that disclosure is delivered and all certification requirements have been completed by Ave Maria School of Law.

Repayment options for private education loans are established by the lender and may vary from one loan product to another. These repayment plans may differ from the protections and alternative repayment arrangements available through federal student loan programs.

Depending on the terms of your loan, repayment may begin while you are still enrolled, and interest may continue to accrue during in-school or deferment periods.

Borrowers should review their promissory note carefully and remain in direct communication with their lender or loan servicer to understand when repayment begins, what payment amounts will be, and whether deferment, forbearance, or modification options may be available.

If you have questions about your specific loan, your lender is the best source for details regarding repayment responsibilities and timelines.