Private Loans

What is a Private/ Alternative Educational Loan?

A private/ alternative 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 loans should only 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).

Things To Remember About Choosing a Private Loan

  • Do not apply for your alternative loan more than 90 days prior to the beginning of the semester for which you are applying. Otherwise, your credit check may run out and the loan will not be valid at the time of disbursement.
  • Choose one lender that fits your needs best and stick with them! Multiple applications will significantly delay the processing of your loan.
  • Schedule 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 loan term dates may delay certification of your loan.

Remember, a private loan is an agreement between the borrower and the lender. The borrower is responsible to carefully manage 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 following is a list of lenders with whom Montclair State students have successfully conducted business within 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 lender of your choice.

Students that are applying for a private loan are required to complete a FAFSA and complete the verification process if selected.  If a student does not want to be considered for Federal and/or State aid they will need to contact our office. 

Historical List of Private Lenders

ELMselect provides you with a list of historical private lenders, while allowing you to access and compare private loans.  If your chosen lender is not listed on ELMselect's website, then you must approach the lender directly.