Private + Alternative Loans

Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and federal loan limits.

Eligibility for private student loans often depends on your credit score and usually requires a co-signer. 

Please carefully consider exhausting Direct Subsidized and Unsubsidized loan options before borrowing a private educational loan. Selecting a lender is an important decision as you will be working with your loan provider for the life of the loan. Take the time to compare private loans before you apply. To assist students searching for private educational loans, we have provided a preferred lender list below. However, you are not obligated to borrow from a lender on the preferred lender list. To apply for a private loan you will need to contact the lender directly. 

• Preferred Lender List Rationale
• Private Loan Preferred Lender List - Elm Select

Federal regulations require lenders to provide multiple loan disclosures to borrowers, a Student Self Certification Form, and an additional period for borrowers to decline the loan once it has been approved. The Student Self Certification Form will request the following information:

• Period of enrollment covered by the loan
• Cost of Attendance for the period of enrollment covered by the loan (COA) - Your COA can be found on your award letter or on Self Serve on the Pilots UP portal.
• Estimated Financial Assistance (EFA) - This includes scholarships and grants you are receiving as well as other loans and work study. It may also include other educational resources. Your EFA can be found on your award letter or on Self Serve on the Pilots UP portal.
• Signature

A private loan can take up to two weeks for the lender to process and notify the Office of Financial Aid of the request. Keep this in mind when submitting a loan application and allow for plenty of time for the loan to be processed.

You can find additional disclosures and Truth in Lending information for each lender in Elm Select.