University of Pittsburgh BradfordAdmissions
Private Alternative Loans

 

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.

Exhaust Federal Student Aid Options First
Students who are
 eligible for federal student aid should complete the FAFSA and exhaust all federal, state, and University aid options, including federal loans, before applying for a private alternative loan. Federal student loans generally have more favorable terms and conditions than private loans. We recommend that you utilize all federal loan eligibility before turning to private loans.

Plan Ahead
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, print the 
Private Education Loan Applicant Self-Certification and 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 2014-15 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.

Do Your Research

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 list of lenders with whom the University of Pittsburgh at Bradford students has conducted business in the past 3-5 years. Neither the University of Pittsburgh at Bradford nor the Office of Financial Aid promotes, endorses, or recommends any of these loan products or lenders by including them on the list. The following lenders are listed in alphabetical order only—there is no ranking.

Valid Loan Term Dates at Pitt-Bradford:
Fall 2014 only – August 2014 to December 2014, Spring 2015 only – January 2015 to May 2015, Fall 2014/Spring 2015 (Full Year) – August 2014 to May 2015

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.

Citizens Bank Trufit Student Loan
Degree students only
Enrolled at least half time

Fixed Rate Disclosure 5 year 10 year 15 year

Variable Rate Disclosure 5 year 10 year 15 year

Credit Union Student Choice(follow link to review participating credit unions)
Degree students only
Enrolled at least half time
Must be making satisfactory academic progress

Discover Student Loans
Degree students only
Must be making
satisfactory academic progress 
Enrolled at least half time

Disclosure

PNC Solutions Loans
Degree students only
Enrolled at least half time

Health Professions fixed rate disclosure 
Health Professions variable rate disclosure 
Undergraduate fixed rate disclosure 
Undergraduate variable rate disclosure

Sallie Mae Smart Option Loan
Degree seeking or Continuing Education
Can be Enrolled Less than half-time

Disclosure

Sun Trust Custom Choice Loans  
Degree students only
Enrolled at least half time

Disclosure       

Wells Fargo Collegiate Loan
Degree students only
Can be enrolled less than half time

Wells Fargo Student Loan for Parents Disclosure 
Wells Fargo Collegiate Loan disclosure 
Wells Fargo Private Consolidation Loan Disclosure

Private Alternative Loans Offered by State Agencies
(Available to students who reside within the state indicated)
This list is not exhaustive. You may want to investigate possible private alternative loan options through your home state higher education agency. Be aware that many of these loan programs have limited funds or repayment options available.

Alaska Supplemental Education Loan
Alaska residents only
Degree students only
Enrolled at least half time
Must be making satisfactory academic progress

Connecticut Higher Education Supplemental Loan Authority (CHESLA)
Connecticut residents only
Degree students only
Enrolled at least half time
Must be making
satisfactory academic progress

Maine Educational Loan Authority (MELA)
Maine residents only
Degree students only
Enrolled at least half time

Massachusetts Educational Financing Authority (MEFA)
Massachusetts residents only
Degree students only
Enrolled at least half time
Must be making
satisfactory academic progress

New Jersey Class Loan
New Jersey residents only
Degree students only
Enrolled at least half time
Must be making satisfactory academic progress
FAFSA must be submitted

Rhode Island Student Loan Authority (RISLA)
Rhode Island residents only
Degree students only
Can be enrolled less than half time

South Carolina Palmetto Assistance Loan (PAL)
South Carolina residents only
Degree students only
Enrolled at least half time
Must be making
satisfactory academic progress

Vermont Student Assistance Corporation (VSAC) Advantage Loan
Vermont residents only
Degree students only
Enrolled at least half time
Must be making
satisfactory academic progress
FAFSA must be submitted

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.