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You are here: Home / Types of Aid / Loans / Private Alternative Loans / How To Apply for a Private Alternative Loan and Loan Term Dates

How To Apply for a Private Alternative Loan and Loan Term Dates

Review the Lender List to choose a lender of your choice and select the appropriate loan term date. The loan term date you chose on the private alternative loan application can affect the final approved amount.

How To Apply

Schedule all courses before you apply. Your loan will be certified based upon the number of courses for which you are enrolled.

Review the private alternative lender listOur lender list contains lenders with whom Penn State students have conducted business with over 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.

Utilize the comparison tool on the lender list to select a lender that best suits your needs. You have the right to select the alternative lender of your choice. 

Apply no more than 60 days prior to the start of the semester. Schedule all courses before you apply.  Applying too early may result in expiration of your credit approval and would require a new application with the lender.

Loan Term Dates

Be sure to choose the appropriate loan term date on your loan application.

2017-18 Loan Term Dates

Fall/Spring: August 2017 - May 2018

Fall 2017 only: August – December 2017

Spring 2018 only: January - May 2018

Summer 2018 only: May 2018 - August 2018

If you choose a fall/spring loan term period, the amount of the loan will be split equally between the two semesters.

Students who applied for a fall only loan to cover fall expenses, should choose a spring only loan when applying for a loan to cover spring expenses. The Spring application options should be added in mid to late November.

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