Private Education Loans For Continuing Education

Private education loans are credit-based consumer loans that can be used to pay any post-secondary education-related expenses including tuition and fees, books, and transportation. Always consider your lowest-cost options first, including grants, scholarships, and federal student loans.

After exhausting loan opportunities from the federal aid programs, students may consider private loan programs as an additional source of funding. Lincoln Tech/NADC maintains a list of preferred private loan lenders that we believe offer strong customer service, competitive loan terms, and easy loan processing.

Eligibility for private loans is based on creditworthiness and ability to repay, not on financial need. While private loans are borrowed by the student, many private loans require a co-signer and offer deferment of principal payments while the student is enrolled.

Lincoln Tech/NADC utilizes ElmSelect, a free, unbiased online platform that helps students and families compare private student loans through the following features:

• Loan comparison tool: Compare private student loans from multiple lenders based on interest rates, repayment terms, and eligibility requirements. No registration or personal information is required to browse or compare options.
• School-specific listings: Select Lincoln Technical Institute, and then select Undergraduate or Parent Loans to view loan options recommended by Lincoln Tech/NADC.
• Real-time data: Loan information is updated directly by lenders, ensuring access to the most current rates and terms.
• Apply directly with your preferred lender: Once you identify a loan that meets your needs, you can apply directly with the lender through the ElmSelect dashboard.

Application process

• Complete the FAFSA.
• Review lenders, loan options, and terms on ElmSelect.
• Choose a lender/loan product and complete a loan application directly with the lender of your choice.
• Your lender should provide you with a self-certification form to complete and to return it to them. This Self-Certification Form can be used if a lender-specific form was not provided to you. This form is submitted to the lender (not to the school) and requires the estimated cost of attendance and estimate financial assistance for the period of enrollment covered by the school.
• Lincoln financial aid will receive a loan certification request from your lender after you finalize your application. We will certify the loan request with your lender based on your eligibility.
• Once your loan has been certified by financial aid, you will receive final Truth in Lending disclosures from your lender that you must accept to finalize the loan. Review the application disclosures your lender provided to you, as well as any final loan disclosures and right to cancel information.

Preferred Lender List Disclosures

In an effort to provide better counseling services to our students, Lincoln Tech/NADC has entered into a preferred lender arrangement (PLA). Federal and state law mandates that we must provide the following disclosures in association with this process.

Method and criteria for lender selection

Lincoln Tech/NADC takes financial advising seriously. We implemented a Preferred Lender List to provide a starting point for families to begin researching additional payment options. First, Lincoln Tech/NADC evaluates and selects lenders based on their willingness to support trade schools and healthcare certificate programs. The lenders have demonstrated ongoing commitment to student lending, broad student eligibility requirements, zero origination or repayment fees, competitive variable and fixed interest rate offerings, co-signer release options, and customer service/technology. The Preferred Lender List also includes some lenders that Lincoln Tech/NADC students have used historically.

Affiliation

Our list includes private loan lenders who are affiliated with each other. Affiliates work together and many manage each other’s private loan applications and student loan servicing. InFirst, AlumniFi, Collegebridge, and Collegiate loans use the same servicer, ZuntaFi.

Code of Conduct

Lincoln Tech has a published Financial Aid Code of Conduct (links to the proposed code of conduct page) that must be followed by all staff.

Choice of Lender

You may borrow from any lender you choose and are not required to use a lender on Lincoln’s preferred lender list. Lincoln will process loans from any eligible lender you select.

Maximum Title IV grant and loan aid available to students

Federal and state law also mandates that we disclose the maximum amount of federal grant and loan assistance that are available. Maximum eligibility for federal financial aid is based on the results of the FAFSA and is outlined on the student’s Funding Estimate. Federal financial aid generally has better terms and conditions than private student loan loans and we strongly encourage students to utilize that aid first. The following is a list of maximum awards per academic year in each aid program:

• Pell Grant – Up to $7,395 for the 2026-27 academic year, based on student eligibility and Student Aid Index (SAI).
• Federal Supplemental Educational Opportunity Grant (FSEOG) – up to $2,000, based on availability of funds, student eligibility, and Student Aid Index (SAI).
• Federal Direct Loan – Up to $5,500 (first year) and $6,500 (second year) and up to additional $4,000 for independent students.
• Parent PLUS Loan – Up to $20,000 per year, with no more than $65,000 lifetime limit.
• State Aid Programs – Varies by state.

Terms and conditions of Title IV loans that are more favorable than private education loans

Federal Direct Loans are fixed rate federal student loans guaranteed by the government. They can be used to pay for educational related expenses. Direct Loans have a number of benefits all designed to help make paying for college more affordable.

Affordable Repayment Plans

Direct loan repayment plans are designed to provide flexibility. Once you complete school and enter repayment, you will have the option to pick from a number of plans, including Standard Plan, Tiered Standard Plan, and RAP (Repayment Assistance Plan). Federal Student Aid provides a repayment calculator that assists in selecting the repayment plan that best fits your needs.