Private or Alternative Loans
Alternative loans are private loans offered through a lending institution and not part of federal government programs. Alternative loan rates may vary from federal government guaranteed loan. Eligibility is based on the creditworthiness of the borrower or co-signer, if applicable. Please contact the lender directly with any questions related to a loan program's specific terms and conditions.
You have the right to select the education loan provider of your choice.
Private Loan New Regulations *effective February 14th, 2010*
The Higher Education Opportunity Act of 2008 amended the federal Truth-in-Lending act to include new disclosure requirements and to prohibit certain practices for creditors making private education loans.
What does this mean for you, as a student?
Lenders will be required to send you new standardized disclosures.
You will be required to complete a “self-certification” with the lender.
You will be given a 30-day approval window to accept loans offered.
You will have a 3-day right to rescind the loan.
Students will be asked to provide the cost of attendance based on # of credits, and the financial assistance or financial aid they are eligible for. Copy information found on the website’s Tuition and Fees page (provide link) for the cost of attendance; for the financial assistance question, log onto KeanWISE and copy your financial aid award information onto the Self-Certification form and submit to lender.
Self-Certification example (Department of Education):
Students cost of attendance for the period of enrollment covered by the loan: $27,504.00
Estimated financial assistance: $5,500.00
Difference between amounts A and B: $22,004.00
After the Self-Certification is received, the University can then certify for disbursement.
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