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Private Alternative Loans

Students looking for additional financing after exhausting their federal loan eligibility, may want to consider private alternative loans. The terms and conditions of these credit-based private loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program.

    Lender Comparison Tool

    A side by side comparison, contact information, and full disclosure statements for these lenders can be found on our ELM Select Loan Site using a Lender Comparison Tool.

    Required Form for Private Loans

    • Private Loan Applicant Self Certification form (PDF/196KB)
      Submitted to the lender, typically as part of their on-line application process. Regulations require all private loan borrowers to complete, sign, and return a Private Loan Applicant Self-Certification form to their lender before any funds may be disbursed to the school. This form was designed to assist students in making an informed decision about borrowing, giving students the opportunity to review information about their financial aid eligibility. This form may be part of the online application process with your lender, or it may be a paper form that you must submit to your lender. Your lender will inform you of their process. The Self-Certification form requires information about the borrower as well as the Cost of Attendance (COA) for the loan period covered by the loan. From the COA, you will deduct the amount of your estimated financial aid, and the amount remaining will be the total that you are able to borrow from your private loan lender.

    Check List for Processing Private (Alternative) Loans

    Due to increased requirements for processing alternative student loans, students are encouraged to begin the process early. Final approval for a private loan could take up to 30 days. To ensure that financing is in place when the first semester bills are due, it is important for the student to start the process as early as possible.

    • Choose a lender for your alternative loan. 
    • Select a co-signer for your loan. This is generally a parent; however, any credit-worthy person may be your co-signer. 
    • Complete the loan application (generally online). 
    • Review the first disclosure statement provided by the lender outlining general terms of the loan. 
    • Complete the Self-Certification Form (provided by lender or see above). 
    • Review the second disclosure statement provided by the lender upon loan approval. The student must acknowledge and accept the terms provided. 
    • The Office of Financial Aid will certify the first private loan that we receive.

    Saint Anselm College adheres to the NASFAA Code of Conduct and Statement of Ethical Principles based on the Higher Education Opportunity Act of 2008.

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