How to Apply for a Private Alternative Loan
Private (also referred to as alternative) educational loans are non‑need‑based, long‑term loans that may be used to help cover educational expenses not fully met by federal, state or institutional aid. Eligibility is determined by the lender and is typically based on creditworthiness and ability to repay. A credit‑worthy co‑signer may be required.
Students and/or parents may borrow up to the cost of attendance, less any other financial aid received, as determined by the institution.
To apply, borrowers must first initiate the loan application directly with the lender of their choice. Once an application is submitted, the lender will notify the university to complete the required school certification confirming enrollment status and eligibility.
For reference, a list of sample private loan programs may be available in the link below to Elon’s FastChoice page. Elon does not recommend or endorse any specific lender, and borrowers are not required to select a lender from any provided list. Students and families are encouraged to carefully compare loan terms, interest rates, fees, repayment options, and borrower benefits before borrowing.
If at any time you have questions or need further information, please reach out to our office, we will be glad to help!
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For more information, visit Elon’s FastChoice page.