Private Educational Loans


What is a Private/ Alternative Educational Loan?

A private educational loan is a non-federal educational loan, through a private lending institution. Each lender has different eligibility requirements (e.g., degree status, enrollment status, and U.S. citizenship status), loan rates, repayment terms, and conditions. Some lenders may also require payment of interest while students are in school.  To compare private loans, go to the ELMSelect website.


Consider Federal Aid First

We highly recommend you complete the Free Application for Federal Student Aid (FAFSA) and apply for any student financial aid for which you are eligible for. Private educational loans should be considered after state and federal sources of financial aid have been utilized. Before opting for a private loan, review information for the Parent Loan for Undergraduate Students (PLUS). In some cases the private educational loan may give you a better interest rate and no origination fees.  You have a 30 day window to apply for a private educational loan and a PLUS loan to choose the best rate. This is called the shopping period. Once the 30 days is up, the credit checks for all of these loans will be consolidated to one credit check.

Things To Remember About Choosing a Private Loan

  • Apply for the private educational loan within 90 days of the end of the semester to ensure your credit does not expire.  If your credit check expires, the loan will not be valid at the time of disbursement.
  • After your credit check process, choose one lender that fits your needs best to self-certify your application to be sent to our office.

                  * You must complete the Self Certification Form and send it to the lender in order for our office to get the application to certify.

                  * For section 2 of the form, please refer to your WESS account    

  • Register for ALL of the courses you plan to take BEFORE you apply for your loan to assure your loan is certified for the correct amount. Increases may not be possible after the loan is certified.
  • A separate loan application is required for summer session(s) and for each academic year.
  • Use only valid loan term dates. Invalid term dates will delay certification of your loan.         

Remember, a private loan is an agreement between the borrower and the lender. The borrower is responsible for carefully managing his/her educational loans. Many lenders offer on-line account management to allow the borrower to check loan status, view disbursement information, and monitor loan balances.

Montclair State University does not endorse particular private loan providers. The list of lenders are lenders that have successfully conducted business with Montclair State University in the past. Neither Montclair State University nor the Office of Student Financial Aid promote, endorse or recommend any of these loan products or lenders by including them on the list. You have the right to select the private educational lender of your choice.

Private Educational Loan Application

ELMSelect provides you with a list of historical private lenders, for which you can choose to apply for a private educational loan. If your chosen lender is not listed on ELMSelect's website, then you should contact your lending institution of choice. Please note that all lenders may not work with our ELMSelect partner, so the certification process and disbursement of funds may be delayed.