Important Information About Private Alternative Loans
Overview
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 explore federal aid options prior to considering these loans due to potentially higher rates, fees, terms and conditions that usually accompany private loans. If students decide a private loan is right for them, they may choose any lender; we process all lenders with equal timeliness.
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
Features
Important features of private alternative loans include:
- 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 5 credits), in a certificate program or are international students.
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?
- Can you receive a better interest rate if you have someone co-sign the loan?
- Are payments required to be made while in-school?
- Do you need Satisfactory Academic Progress?
- Can I use this loan in I am enrolled less than half-time (under 5 credits) in a semester?
Ultimately, choosing a loan and lender is completely up to you. As a tool, we are providing you a list of lenders to consider.
Preferred Lender List
To assist you Quinnipiac University has developed a preferred lender list to help students and families explore private educational loan options. The list is created using neutral, student-centered criteria, including total cost, repayment flexibility, approval timelines, customer service, and co-signer release options. It includes at least two unaffiliated lenders and is reviewed annually.
This resource is intended to simplify your search; however, you are not required to use a lender from this list and may choose any eligible lender. Quinnipiac will certify all eligible loans and processes certifications impartially.
Our preferred lender list and detailed information can be found on ElmSelect.
ElmSelect is neutral, third-party tool designed as a resource to simplify the comparison process; however, borrowers are not required to select a lender from this list and are encouraged to explore all available options to identify the best fit for their financial needs.
Students are encouraged to:
- Review all federal, state, and institutional aid first
- Compare multiple lenders carefully
- Contact lenders directly for detailed information
Our Preferred Lender List includes:
- Abe
- Chesla – MyChesla Graduate Loan
- Citizens Bank
- CollegeAve
- Earnest
- Sallie Mae
- SoFi
Many of the lenders are program specific products that may have benefits related to a student’s individual program.
Again, is important to note that you are not required to use any lender on this list. Further, Quinnipiac University does not endorse any specific lender nor does inclusion on this list constitute a recommendation. enders were selected solely in the best interests of student borrowers and without consideration of any financial benefit to Quinnipiac University.
Lenders on this Preferred Lender List were selected through a formal Request for Information (RFI process). All RFI responses were evaluated based on the following criteria:
- Competitive interest rates and fees: Assessment of fixed and variable interest rates, with minimal origination fees and borrowing costs.
- Borrower benefits: Availability of features such as interest rate reductions and cosigner release options.
- Repayment, Deferment and Forbearance options: Flexible repayment options, provisions available during periods of financial hardship or continued enrollment.
- Loan Limits: Students’ ability to cover their cost of attendance for the time they are enrolled.
- Approval likelihood: Credit and cosigner requirements, multi-year approval options, and income requirements were considered.
- Customer service quality: Evaluation of borrower support, responsiveness, and effectiveness in resolving complaints. History of company in lending.
- Responsible lending practices: Clear, transparent disclosures and borrower-focused policies.
This list is reviewed and updated annually. Students apply for the loan directly through the lender’s website. 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. Please plan accordingly.
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 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.