A private alternative loan is a non-federal education loan, through a private lender, typically in the student’s name and requiring a cosigner. Approval and interest rates are based on the creditworthiness of the borrower and cosigner. Each alternative lender has different eligibility requirements, loan rates, terms, and conditions.
Recent amendments to the Truth in Lending Act (TILA) require that you complete a self-certification form and submit it to your lender for each alternative loan you apply for after February 14, 2010. If your lender does not provide you with the form, visit Fast Choice and print it from the home page. Then access your Financial Aid Summary at your Student Center and obtain your cost of attendance and your estimated financial assistance for the period of enrollment covered by the loan. Return the self-certification form to your lender upon completion. Keep in mind that current students will not have access to 2015-16 cost and student aid information on the Financial Aid Summary until after awarding in mid-June.
TILA also requires lenders to provide you with three disclosures: 1) upon your application, 2) when you are approved, and 3) at least 3 days prior to disbursement. Timing of the last disclosure may delay loan disbursements by an additional 1-2 weeks. Please plan accordingly.
Follow Important Guidelines:
- Apply for your alternative loan within 90 days of the beginning of the semester so your lender’s credit does not expire.
- Schedule ALL of the courses you plan to take BEFORE you apply for your loan so your loan is certified for the correct amount. Increases may not be possible after the loan is certified.
- For summer session(s), you must complete a separate loan application, since it is a separate loan term.
An alternative loan is an agreement between the borrower and cosigner and the lender. The University of Pittsburgh at Bradford cannot in any way be held liable in the event the borrower is dissatisfied with the rates, terms, or service provided by any lender, nor is Pitt-Bradford responsible for any damages incurred by the student as a result of the student's choice of lender.
You have the right to select the alternative lender of your choice.
The following is a link to FAST CHOICE, a landing page that offers comparisons of loans, loan counseling, and borrowing options to fit your individual needs.
Valid Loan Term Dates at Pitt-Bradford:
Fall 2015 only – August 2015 to December 2015, Spring 2016 only – January 2016 to May 2016, Fall 2015/Spring 2016 (Full Year) – August 2015 to May 2016
Note to International Students: Many alternative lenders will approve a loan for international students who have a creditworthy US Citizen or permanent resident as a cosigner. If you are an international student, contact the lender of your choice to determine if you are eligible.
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.