Below you will find information that will help you understand your rights and responsibilities as you prepare to apply for private student loans.
Lender Selection Policy(pdf) An overview of the elements Hampden-Sydney uses to evaluate lenders which students/parents may consider when borrowing a private loan.
Financial Aid Code of Conduct The Higher Education Opportunity Act (HEOA) requires educational institutions to develop and comply with a code of conduct that prohibits conflicts of interest for financial aid personnel [HEOA § 487(a)(25)].
Identity Theft Materials developed by the Federal Trade Commission (FTC) as part of its ongoing work to educate consumers about identity theft.
Understanding Your Fico Score Your FICO score is based on information contained in your credit report. It is important to make sure the information contained in your credit report is accurate.
Tax Incentives for Higher Education The Taxpayer Relief Act of 1997 created several tax benefits for families who are saving for, or already paying, for higher education.
Student Loan Borrower Assistance National Consumer Law Center's Student Loan Borrower Assistance Project is a resource for student loan borrowers, their families, and advocates who want to know more about their options and rights.
FinAid - The SmartStudent Guide to Financial Aid FinAid was established in the fall of 1994 as a public service. This award-winning site has grown into the most comprehensive source of student financial aid information, advice and tools -- on or off the web.
Before You Apply
REMEMBER: Apply for the Federal Direct Loan before you apply for a private student loan.
Please have the following information available before applying for a private student loan:
student's social security number
student's driver's license number
two personal references (references must be from two different addresses)
H-SC's Federal School Code: 003713
current income and employment information may also be requested
credit worthy co-signers information, if applicable
When you visit the ElmSelect private loan application tool, review each of the following steps as your loan funds cannot be certified and disbursed until all steps are completed.
You will be presented with an historical list of lenders and their loan products, including terms and borrower benefits. A side-by-side comparison feature is available for you to compare lender products.
Once you have selected a lender, you are ready to apply. Please be aware that you will be redirected to the lender's online application. It is recommended that you print the completed Application and Promissory Note for your records.
As part of the application process, your credit will be reviewed. If approved, you will be notified by the lender of the loan's approval. If your credit is denied, your lender may re-consider your application by adding a credit-worthy co-signer.
Before loan funds can be disbursed to Hampden-Sydney, you must submit to the lender a completed private loan self-certification form. (This form should be made available to you by the lender.) The lender will notify you when the loan funds have been disbursed to Hampden-Sydney.
You may fully or partially cancel a loan by contacting your lender.
