 Hello, my name is Terri Crowley and I work in the Student Financial Services Office here at the University of Vermont. I'd like to present a short video as a payment option using the private educational loan. This loan is borrowed generally in the student's name with a credit worthy co-signer that has established credit. Some private lenders also offer a parent educational loan borrowed in the parent's name for an undergraduate student. We ask that you review the loan criteria carefully to compare apples to apples when choosing a lender. You may review with your banking institution to see if they offer a private loan. UVM does not promote or endorse any private lenders but wishes to provide you with that information. The amount of the private educational loan can be up to the cost of attendance less any other financial aid offers that the student is receiving. Scholarships grants and federal direct loans. And we ask you to use our billing estimator that's located at our webpage go.uvm.edu forward slash estimate your bill to get a good idea on what amount you might need to borrow for the academic year. On our webpage we have a tool that you can use to look at various private lenders that other uvm students may have borrowed from. It's called Elm Select. It's a tool to compare and contrast lenders. And our webpage is located on our website uvm.edu. The easiest way to find this is to go to the uvm website click on the search button and then type in private loans and you'll come to this page private educational loans. On this page you click on find your lender and then it will take you to list various lending authorities and you'll have their information to review. There's also a nice list of loan criteria here to questions to ask when shopping for this loan. Now when processing a private loan you would apply online to that lender the co-signer would fill out their application then the loan is processed and sent to our office to be certified for eligibility to fit into the cost of attendance budget. Once that loan is certified we would add it to the student's loan award record and list it as a pending credit on their student account billing for the semester. If you borrow for the full year half of the loan will be applied to the fall bill and half of the loan will be applied to the spring bill. The actual date that the loan will pay to uvm to the student's account is set with a right of refusal 10 days so it's important to get that loan in place during the summer months in order for it to be available for the student's fall due date of August 19th. When that loan is paid to the student's account and it causes an overpayment a credit balance that can be issued as a refund to the account that the student has set up for direct deposit so we would ask the student to choose the checking or savings account they prefer when setting up for direct deposit on their student portal. I hope this information was helpful to you today with regarding private loans. If you have questions please feel free to reach out to our staff. We have other videos located at our student orientation page go.uvm.edu forward slash SFS orientation. Thanks so much for watching. Have a great day.