A private education loan is a credit-based consumer loan that can be used to pay any education-related expenses, including tuition and fees, housing, meals, books, personal/miscellaneous and transportation.

Federal regulations require that a student’s eligibility for federal aid be reviewed prior to processing a private loan. To determine your eligibility for the private loan, complete and submit a FAFSA. If you do not intend to use any federal aid, you must send notification to MCCN electronically indicating that you are not accepting any federal funds for the academic year.

Eligibility for a private education loan is made by the financial institution you select and may be based on the following:

  • U.S. Citizen or permanent resident
  • Credit History
  • FICO Score
  • Debt-to-income ratio

Once the loan is approved, your lender will issue three separate disclosure statements detailing the loan agreement. All three must be processed by the lender before a loan certification request will be sent to MCCN.For additional information regarding the self-certification process please see Private Loan Self Certification Process.

A co-signer may be required in order to be approved for a private loan; please refer to your lender for details. A co-signer release may apply once you enter into repayment. Refer to your lender for additional details.

The annual limit of a private education loan is determined by the amount of your Cost of Attendance budget not covered by your financial aid and other financial resources. See COA on your financial aid award notification, the MCCN website or CARMELink.

Interest rates and repayment options vary by lender. Typically interest rates are variable and interest starts to accrue upon disbursement of your loan.

The first step in applying for a private education loan is to become an educated consumer. Review all of your options for a private loan. Since there are many different lenders available for you to choose from, MCCN recommends that you review carefully the options/terms that each lender is providing.

While MCCN does not recommend one specific lender for you to use, we have assembled a list of private education loan providers that have been vetted and used by previous MCCN private loan borrowers within the past three years. These lenders may offer you the best options and services. To review information on these lenders, please go to FAST Choice - Private/Alternate Loan application.

If you would like to choose a lender not listed on the FAST Choice website, complete the loan application directly with your chosen lender. The lender will then forward your application to MCCN for certification.

Why Choose Us


years of educating nurses


scholarship money awarded from the Mount Carmel Foundation in 2023


student-to-faculty ratio