Apply for an Alternative Private Loan

Alternative Private Loan 

What is it?

 Alternative Loans are private educational loans that are available to students in need of additional financial assistance after all other types of funding have been exhausted.  You, the student, will be the borrower of the Alternative Loan; however, you may need a credit-worthy individual to act as a co-signer. Some alternative loans may require interest payments while the student is enrolled in school.

Before applying for a private alternative education loan, you may qualify for grants and/or other assistance under Title IV of the Higher Education Act.  Loans under Title IV include the  Direct Stafford Loan and the Direct PLUS loan.  These Title IV loans may have terms and conditions that are more favorable than the terms and conditions of private alternative loans.  The more favorable terms of Federal loans generally include the interest rate, fees and repayment options such as deferments and forbearances.  In addition, Federal loans may be eligible for loan repayment, loan forgiveness, discharges due - for example - to total and permanent disability or death.

All students are strongly encouraged to complete the FAFSA (Free Application for Federal Student Aid) each year. By completing the FAFSA you are applying for federal and state aid including Pell grants, Direct Stafford Loans, and other federally funded campus need and/or merit based aid.  Parents of dependent students may also apply for the Direct PLUS loan.

Who can apply?

Students and their families can borrow additional loan funds to help meet their college costs using Alternative Loan programs.  These loan programs are provided by commercial lenders and are not supported by state and federal funds. 

How much can you borrow?

 The annual limit is the undergraduate cost of attendance minus all other financial aid, including loans.

How do I apply?

 Pre-approvals are available online or by telephone. Listed below are lenders who have provided alternative loans to University of Pittsburgh students during the last two to three years. You should contact these lenders directly for further questions.  The Loan Code for the University of Pittsburgh at Greensburg is 003379-04.

Students and their families may choose Alternative Loan Lenders other than those listed at the link below.  If you choose such a lender, you should complete an application with the lender.  The lender should then forward a certification request to the Office of Financial Aid by mail, fax or email.

Office of Financial Aid
150 Finoli Drive
Greensburg, PA 15601

724-836-7160

upgfinaid@pitt.edu

Your choice of a lender, other than those listed at the link below, will not result in the denial or a delay of processing.

Private Alternative Loan Considerations

• Apply with a credit-worthy cosigner.  Applying with a cosigner may provide you with an increased chance of approval and more competitive interest rate.
• Borrow only what you need to meet your educational costs.
• Do your research.  Ask questions of your lender and find out which loan will benefit you the most.
• Be aware of interest rates, fees, and repayment terms before completing the application and promissory note.
• Monitor your total indebtedness.  Make sure you will be able to repay the amount with interest.
• Cosigners are equally responsible for repayment of the loan and their credit is equally affected.

Alternative Lender Information and Links

You have the right to select the alternative lender of your choice.  The list of lenders provided are lenders used by University of Pittsburgh students.  Neither the University of Pittsburgh nor the Office of Financial Aid intends any specific endorsement, recommendation, or promotion of these products by including lenders on this list.  An alternative loan is an agreement between the borrower, cosigner and the lender.  The University of Pittsburgh cannot be held liable if the borrower is dissatisfied with interest rates, other terms and/or services provided by the lender.

New Requirement

Effective February 14, 2010, alternative loans are now subject to additional regulations as a result of new Truth in Lending legislation.

All students will need to complete a Self Certification form provided to them by the school or a private lender.

The Self Certification form is available to download and print.  The form requires the student to provide the Cost of Attendance and the total Estimated Financial Assistance.

Below are estimated Cost of Attendance amounts that can be used to complete the Self Certification.

Fall/Spring 2011-2012 (Two terms)

 Summer 2012

To complete the financial aid section of the Self Certification, students can view their financial aid information by logging on to www.my.pitt.edu and going to Student Center.  Click on "View Financial Aid" and on the appropriate financial aid year.  Details of the total financial aid awarded to the student can be seen.

Below is an alphabetically arranged, comprehensive list of Alternative Lenders who have provided loans to University of Pittsburgh - Greensburg students during the last 24 months. If you plan to borrow from one of these lenders, please contact them directly. The University of Pittsburgh and the Office of Financial Aid does not endorse, promote, or recommend any of the loan products listed and their inclusion on this page is strictly informational.

Students and their families may choose the Alternative Loan Lender of their choice. Your choice of a lender other than those listed will not result in the denial or a delay of processing. Upon application, the lender of your choice will forward a certification request to the Office of Financial Aid.

Chase Select - Must be a current Chase customer or a                                   repeat Alternative Loan borrower

• Can be enrolled less than half time
• Satisfactory academic progress is not required
• Can be used to cover prior term balance
• Disclosure

Citizens Bank Trufit Student Loan

• Must be enrolled at least half time
• Satisfactory academic progress is not required
• Can be used to cover prior term balance
• Disclosure

Credit Union Student Choice

• Must be enrolled at least half time

Discover Student Loans 

• Can be enrolled less than half time
• Must be making satisfactory academic progress
• Disclosure

PNC Bank Solution Loans

• Must be enrolled at least half time
• Fixed and variable rate loans
• Satisfactory academic progress is not required
• Can be used to cover prior term balance
• Fixed and Variable Rate Disclosures

Sallie Mae Smart Option Loan

• Fixed and variable rate loans
• Can be enrolled less than half time
• Can be used to cover prior term balance
• Satisfactory academic progress is not required
• Fixed and Variable Rate Disclosure

SunTrust Custom Choice Loans

• Must be enrolled at least half time
• Satisfactory academic progress is not required
• Disclosure

Wells Fargo Collegiate Loan

• May be enrolled less than half time
• Satisfactory academic progress is not required
• Can be used to cover prior term balancePrivate
• Private Loan Disclosures

Union Federal Savings Bank

• Must be enrolled at least half time
• Disclosure

If you are denied:

If you are denied, you and your cosigner can contact the lender and request an Adverse Action Credit Letter to determine why.  You should also request a copy of your credit report to review your credit information.