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.
Saint Anselm College has researched using a variety of criteria and created a preferred list of alternative loan lenders to consider. Criteria include customer service, borrow benefits, interest rates, fees, repayment options, lender stability. Lender information on these topics is available upon request. We requested information from lenders with regard to private loans in order to provide what we believe are the best options. These lenders represent the overwhelming majority of all of our students' private borrowing needs for the past three years. Students are not obligated to use any lender on this list and may apply for a private loan with any lender they choose. This list is provided as a good place to start your search to compare private loan options. Do not hesitate to visit our office to discuss alternative loans in greater detail.
The lenders below are listed alphabetically by lender name so no inference should be made based upon the order of the listing. Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. The criteria listed above will be reviewed periodically to determine if loan programs may be added to, or removed from, the list of programs.
- Citizens Bank
- Discover Student Loans
- Massachusetts Education Financing Authority (MEFA) - Massachusetts residents only
- Sallie Mae
- Wells Fargo
Preferred 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.
- Saint Anselm College's Lender Comparison Tool (link is to contracted 3rd party loan comparison site managed by ELM Resources).
Required Forms for Private Loans
- Private Student Loan Lender Selection form (PDF/54KB)
Students must submit a Private Student Loan Lender Selection form to the office of Financial Aid when borrowing a private loan.This form allows a student borrower to communicate his or her private alternative student loan financing wishes to us in writing.
- Private Loan Applicant Self Certification form (PDF/196)
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.
- Complete the Saint Anselm Private Student Loan Lender Selection Form (PDF/54KB) and submit to the Office of Financial Aid (fax or mail). The Office of Financial Aid will then be able to certify the loan.
Saint Anselm College adheres to the NASFAA Code of Conduct and Statement of Ethical Principles based on the Higher Education Opportunity Act of 2008.