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Private Alternative Loans

Private alternative loans are managed through private lenders, issued in the student’s name, and require a co-signer. Eligibility, rates, terms, and conditions vary.

Compare the Parent PLUS and Alternative Loans

Many students and families need to borrow educational loans to finance their education. The decision becomes whether to borrow a Direct Parent PLUS Loan or a private alternative loan.

Eligibility and Interest Rates

Private alternative loans are managed through private lenders, issued in the student’s name, and require a cosigner. Eligibility, rates, terms, and conditions vary.

Applying and Loan Term Dates

The loan term date you chose on the private alternative loan application can affect the final approved amount.

Questions to Ask Private Lenders

Ask your lender about eligibility, interest rates and fees, repayment, benefits, and service.

How to Create a Student Loan Budget for Private Alternative Loans

This video tutorial will help you to determine how much money you need to borrow in private alternative loans.

Lenders

The following is a list of lenders with whom Penn State students have conducted business in the past three to five years. Neither Penn State nor the Office of Student Aid promotes, endorses, or recommends any of these loan products or lenders.

Timing of Loan Disbursements

Plan ahead when applying for an alternative loan and be sure to complete all loan disclosures.

Alternative Loan Exit Counseling

You are being provided with this private alternative loan information because you have previously borrowed an alternative loan. As a borrower, you are obligated to repay your loan to a specific lender. Review this information to determine who to contact regarding the repayment of your alternative loan(s).

Filed under:
Penn State Federal School Code

003329

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