We strongly recommend that all students apply for federal funding each year by filing the FAFSA and consider borrowing from federal loan sources before they borrow from private student loans. The terms of the federal student loans are generally better.
Alternative private student loans and alternative private parent loans are made through private lending institutions not affiliated with the US Department of Education or IUP. These may be an option if you need more aid beyond your FAFSA offer, are enrolled
less than half-time, are in a non-degree-seeking program, or are not maintaining satisfactory academic progress.
Terms and Conditions
Many privately financed educational loan programs are available. Each program offers its own terms and conditions. You should review and evaluate them on:
Interest rates
Application fees
Credit evaluation
Deferment options
Repayment plans
How they approach unique circumstances, such as past due balances, academic progress requirements, program enrollment, and citizenship qualifications
Credit-Worthy Cosigner
In most cases, when you borrow through an alternative private student loan, you’ll need a credit-worthy cosigner. Some lenders also make cosigner options available for parents or other credit-worthy individuals who are borrowing alternative private parent
loans for their undergraduate or graduate students.
Less than Half-Time
Students who are less than half-time are only eligible to borrow a private alternative loan up to the costs of their tuition, fees, and book expenses (not room/board). IUP policy allows a one-semester exception for students who are less than half-time
to borrow up to tuition, fees, books, and room/board expenses. Please contact the Financial Aid Office with any questions.
Processing Time
Please allow two to four weeks processing time once the lender has notified IUP of your eligibility.
To Apply and Compare Lenders
You can apply as well as review and compare lenders that IUP students have used in the last few years on ELM Select.
This list is offered for your convenience—IUP does not endorse any of these loan programs, and you’re not limited to those on this list.
Lending institutions are solely responsible for posting and updating their information to ELM Select.
It is your responsibility, as the consumer, to assess the advantages and disadvantages of these programs and make your selection based on those features that best meet your financial needs.