Quinnipiac University
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Types of Aid

Law Private Educational Loans

Loan | Amount Varies

Private educational loans are available to law students when federal loans are not enough to cover the cost of attendance or for students that do not qualify for any federal loans. This includes students who are enrolled less than part-time. We strongly encourage students to exhaust their Federal Direct loan option prior to considering these loans.

Important Information About 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.

Features

Important features of private alternative loans include:

  • The interest rates are generally determined based on the loan product using the SOFR (Secured Overnight Financing 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 can assist students who are enrolled less than half-time (less than 6 credits) or international students.

Considerations

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?

  • 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. We are happy to provide you with the names of lenders our students have chosen over the past several years.

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.

Important note: 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 you for the Quinnipiac University School of Law OPE ID# which is 00140201.

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