Private/Alternative Loans

Alternative educational loans are private loans (non-federal) offered through banks, lenders, or credit unions to supplement financial aid awards. Nazareth University is required to certify these loans to ensure that the loan amount does not exceed the cost of attendance after all other financial aid. Most alternative loans are disbursed equally into student accounts according to enrollment plans. We encourage students and families to use alternative loans as a last option after first pursuing all federal loan options. If you decide that an alternative loan is right for you, you may borrow from any lender you choose. When choosing a lender for an alternative loan, you may wish to consider the following factors:

  • Loan costs (interest rates and fees)
  • Borrower benefits and discounts
  • Customer service

A credit union might be able to offer you a loan with an affordable interest rate, zero origination fees, and flexible repayment options.  

When applying for your loan, request the amount of funds for the full academic year. Please complete the required Private Education Loan Applicant Self-Certification Form available from your private lender of choice and return it completed to them as soon as possible, to ensure timely processing of your loan.

Once your application is complete with an approved credit check and you've completed the Private Education Loan Self-Certification Form, we will certify your eligibility and schedule the disbursement of funds directly into your student account. Credit checks on alternative loans are valid only for a period of time (often 180 days) set by the lender. An application completed too soon before the start of your first term may not be valid.

Private Loan Borrowers:

New federal, private loan disclosure requirements have extended the average processing time of a private loan to 10 days and increased the number of forms required to apply. DO NOT wait until the first week of classes to apply! If you do, you may risk a late fee added to your unpaid balance.