Private or alternative loans are available, but they should be your last resort. Take advantage of all federal and state aid programs before you consider private loans. They often have high interest rates or require a creditworthy cosigner. If you are not eligible for federal or state financial aid these programs are an alternative source of funding. Make sure you do your research before selecting a lender.
Private/Alternative Loans or Private student loans provided by banks, credit unions, and other lenders can help bridge the gap between the financial aid you may have already received for college and the total cost of attendance. You do not have to borrow from any of these lenders. You have the right to choose any lender. Reviewing your options, including federal, state, and institutional grants and loans before applying for private loans is recommended.
Contact the financial aid office or view the financial aid website to check your eligibility. Financial aid staff and employees of ELM Resources, the software provider of ELMSelect, are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in ELMSelect. Prohibited activities of financial aid employees include but not limited to: serving on a lender’s or lender affiliate’s advisory board (with or without compensation), accepting gifts including trips, meals, and entertainment.
You are encouraged to explore how student loan debt may affect your financial future through financial aid counseling and education provided through the school and federally available web resources.
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Have questions?
Our Financial Aid Office is here to help you evaluate your choices and and answer any questions you have about private loans and how it relates to your financial aid.
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