Private (Alternative) Loan Information
- Non-federal private (alternative) loan options
- Variable or fixed interest rates; many have no cap
- Must apply directly with your chosen lender
- Repayment options vary by lender
- FAFSA is not required
- Before applying for a private (alternative) loan, read our Borrowing for Your Education page.
Before You Borrow
We strongly suggest that you exhaust all federal student borrowing options before turning to a costlier private (alternative) loan. Almost all students are eligible for at least a Federal Stafford Loan.
More information about the differences between private (alternative) and federal loans can be found on our Borrowing for Your Education page. You must file the FAFSA to obtain a Federal Direct Stafford loan (Subsidized/Unsubsidized).
These private sector loan products vary and terms frequently depend on the creditworthiness of the borrower and/or cosigner. In general, borrowers must be U.S. citizens or Permanent Residents and enrolled half-time. Interest rates and repayment terms are unique to the loan product selected. Students may borrow cost of attendance minus any financial aid received. Student and co-signer, if applicable, must complete a Promissory Note.
The University certifies private (alternative) loans electronically through Educational Loan Management (ELM).
If you have questions about your loan status, please contact the lender through which you applied.
Suggested Private (Alternative) Loan Lenders
You have the right to choose to borrow your loan from any lender who participates in the program under which you are eligible to borrow.
Note to Previous Borrowers: Federal regulations now require the completion of a series of additional disclosures, including a Self-Certification form for all private (alternative) education loans. Student borrowers are required to obtain the form, and the information needed to complete it, from their institution, sign the form and submit it to their lender. The private (alternative) loan application and disbursement process will not be completed until the signed Self-Certification form has been received by the lender.
These additional disclosure requirements will lengthen the amount of time it will take to complete the process to borrow a private (alternative) loan. We suggest that students begin the process in June to ensure that their University fee bill is paid in a timely manner. Undergraduate fee bills are due August 1 and Graduate fee bills are due the first day of school. Please keep in mind that due to these new requirements, your private (alternative) loan disbursement may be delayed as required by this new law.