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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.

How To Apply for a Private Alternative Loan

Select a lender of your choice and the appropriate loan term date. The loan term date you chose on the private alternative loan application can affect the final approved amount.

Private Alternative Loan Timeline To Disbursement

Due to Federal Regulations (TILA), Private Alternative Loans have a 10 day right of rescission once the loan has been approved and before the disbursement can be requested. Plan ahead and apply early to avoid delays in funding.

Private Alternative Loan for a Previous Balance

Federal or institutional sources are not available to cover a balance from a previous semester. There are private alternative loan lenders that will allow to your borrow a loan for a period within the previous 12 months (365 days).

Penn State Federal School Code

003329

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