We recognize that students may need to rely on a variety of resources to assist them in paying for their educational expenses. One type of loan to consider is a private alternative loan. These loans are available to students when federal loans are not enough to cover the cost of attendance or for students that do not qualify for any federal loans.

We strongly encourage students to exhaust their Federal Direct Unsubsidized loan prior to considering alternative loans due to potentially higher rates, fees, terms and conditions that usually accompany private loans.

It is recommended that you request a copy of your credit report annually to evaluate your ability to secure private education loan funds as credit history and credit score will be important components.

Key Features

Private education loans typically:

• Use interest rates based on the Secured Overnight Financing Rate (SOFR) and may be offered with fixed or variable rates.

• Require a credit check of the borrower and/or cosigner.

• May require a creditworthy cosigner to qualify or receive more favorable terms.

• Offer varying loan amounts, repayment options, and eligibility requirements depending on the lender.

Considerations Before You Apply

Before applying for a loan, be sure to research the loan product(s) to ensure you are getting the most competitive rates, fees and terms available. As you research available loans, be sure to review the websites or ask the lenders how your needs and the terms of the loans meet your individual situation.

Carefully compare loan products to find the option that best meets your needs. Consider the following:

• Is the interest rate fixed or variable?

• Is there a cap on the variable interest rate?

• Can a cosigner help secure a lower interest rate?

• Are in-school payments required?

• Is the loan available if you are not meeting Satisfactory Academic Progress (SAP) requirements?

Again, we recommend requesting a copy of your credit report annually to better understand your eligibility for private loan financing.

Choosing a Lender

Selecting a lender is entirely your decision. Students are encouraged to compare interest rates, fees, repayment terms, borrower benefits and customer service before applying. Compare private loan options through ELMSelect:

Preferred Lender List

You are not required to use a lender included on this list. Quinnipiac University will process and certify any eligible private educational loan, regardless of the lender selected. Inclusion on the ELMSelect list does not constitute a recommendation or endorsement by Quinnipiac University.

The lenders included on the Preferred Lender List were selected through a formal Request for Information (RFI) process. Responses were evaluated using the following criteria:

• Competitive interest rates and fees: Assessment of fixed and variable interest rates, origination fees and overall borrowing costs.

• Borrower benefits: Availability of features such as interest rate reductions and cosigner release options.

• Repayment, Deferment and Forbearance options: Flexible repayment plans and accommodations during periods of financial hardship or continued enrollment.

• Loan limits: Ability to provide funding up to a student's cost of attendance while enrolled.

• Approval likelihood: Consideration of credit requirements, cosigner requirements, multi-year approval options and income requirements. 

• Customer service quality: Evaluation of borrower support, responsiveness, complaint resolution and lender experience.

• Responsible lending practices: Clear disclosures, transparent terms and borrower-focused policies.

Lenders are selected solely in the best interests of student borrowers and without consideration of any financial benefit to Quinnipiac University. The Preferred Lender List is reviewed and updated annually.

After applying through a lender's website and receiving credit approval, most lenders will send loan certification requests directly to the university. Because the application, approval and certification process can take several weeks, students are encouraged to plan accordingly.