Graduate Private Alternative Loans
We recognize that students may need to rely on a variety of resources to assist them in paying for their educational expenses. One type of loan to consider is a private alternative loan. These loans are available to students when federal loans are not enough to cover the cost of attendance or for students that do not qualify for any federal loans.
We strongly encourage students to exhaust their Federal Stafford Direct loan options prior to considering these loans due to potentially higher rates, fees, terms and conditions that usually accompany private loans.
It is recommended that you request a copy of your credit report annually to evaluate your ability to secure private education loan funds. You may obtain a free credit report annually
Important features of private alternative loans include:
- The interest rates are determined based on the loan product using either prime, LIBOR or treasury bill rate.
- Loans require a credit check that will look at the credit score/history of the borrower and/or co-signer.
- Borrower eligibility, co-signer requirements, loan levels and repayment options vary according to loan products.
- These types of loans assist students who are enrolled less than half-time (less than 5 credits), pursuing a certificate program or are an international student.
Things to consider about private alternative loans:
Before applying for a loan, be sure to research the loan product(s) to ensure you are getting the most competitive rates, fees and terms available. As you research available loans, be sure to review the websites or ask the lenders how your needs and the terms of the loans meet your individual situation.
You might consider:
- Is the interest rate fixed or variable?
- Does the loan have a maximum (capped) variable interest rate?
- Can you receive a better interest rate if you have someone co-sign the loan?
- Are payments required to be made while in-school?
- Can the loan be used if only taking 3 credits (less than half time)?
- Is the loan used if not making Satisfactory Academic Progress?
- Can I use this loan as an international student?
Ultimately, choosing a loan and lender is completely up to you. Most lenders after being credit approved will send the information about your loan directly to the university. Remember, applying for a loan is a process and it could take several weeks to complete the process and have the funds sent to the school.
Historical Private Educational Loan Providers
To better assist you with your search, we have provided a historical list of the loan products/lenders our graduate students have elected to use over the past 3 years (this list reflects only those lenders still lending).
|Citizens Bank Student Loan||Graduate
|College Avenue Student Loan||Graduate
|Discover Student Loan||Graduate
|NJ Class Loan||Graduate|
|Sallie Mae Student Loan||Health Professionals & Graduate
Applying for Private Loans
To apply for a private educational loan, you must select a participating lender and be directed to their application process. Many lenders offer an online process with the ability to electronically sign your application. As you research available loans, be sure to review the websites or ask the lenders how your needs & the terms and conditions of their loans may effect your individual situation.
Ultimately, choosing a loan and lender is completely up to you. Most lenders will send your information after you have been credit approved directly to the school. If you have not selected a national lender, please contact our office with all of the details so we may process your loan.
Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a completed self-certification form (PDF) signed by the applicant before a private education loan can be disbursed. Some lenders may ask for the Quinnipiac University Graduate Program OPE code which is 001402-02.
We are happy to provide you with any information we may have on a particular lender. Please contact our office if you have additional questions.