Skip to main content

Private Education Loans

What is a Private Education Loan?

A private student loan (sometimes called a private education loan) is a non-federal loan offered by a bank, credit union, state agency, or other private lender to help pay education costs. They are typically credit-based, which means approval and pricing usually depend on your credit history and income (or your co-signer’s).

Depending on the lender, private loans may offer fixed or variable interest rates and may have different repayment options, such as making payments while enrolled or deferring payments until after you leave school.

Borrowing limits are often based on Alliant’s cost of attendance minus other aid received.

International students may visit International Education Financial Aid (IEFA) to learn more about financial aid options specific to them, including international student loan programs.

What Should I Do Before Applying for a Private Loan?

Before Borrowing:

  • Create your FSA (Federal Student Aid) User ID and Password at studentaid.gov.You’ll need this to complete your FAFSA application. Alliant’s federal school code is 011117.
  • Complete a Free Application for Federal Student Aid (FAFSA).
  • Consider your federal financial aid options, which may be less expensive and generally offer borrower protections.
  • Do your own research to choose the options that work best for you, since private lenders set their own terms, including interest rates and repayment plans.
  • Consider a co-signer because private lenders check your credit history, and some may require one, while others may reduce interest rates with an approved endorser.

Resources to help with your research:

  • Federal Versus Private Loan – Compares federal and private loan options
  • FinAid.org – A student guide to comparing lenders, improving credit, timing applications, and borrowing wisely.
  • Avoiding Student Aid Scams – Resource with tips to protect your identity when applying for student loans.
  • FastChoice – Online, lender-neutral platform designed to help students by providing detailed information for various loans.  Students are free to choose any lender, including those not included in this platform.

How to Apply for a Private Loan

  1. Explore Lender Options: Students can use FastChoice or any lender comparison tool they prefer.
  2. Apply directly with your chosen lender on their website: Lenders will conduct a credit check, requiring students to provide their Social Security number and other identifying information.
  3. School Certification: Once approved, the private lender will notify Alliant University’s Financial Aid Office to verify the student’s enrollment and cost of attendance (COA).
  4. Disbursement to School: Alliant will schedule disbursements to be sent directly to the school via EFT after the add/drop deadline for each term, semester, or trimester. Any funds in excess of tuition and fee charges will be sent as a stipend to the student within 14 days of the funds being posted to the student’s ledger card.

List of Lenders

This list of lenders is provided to help you begin your research, but Alliant students are not limited to these options.  A comprehensive list of these lenders can be found at FastChoice, but this list provides each lender’s direct website:

Regulatory Transparency and Consumer Protection

Alliant University complies with all federal regulations and disclosures regarding private education loans:

  • Students are encouraged to review all federal options before exploring private loan options.
  • Although Alliant has a preferred lender list, the school will certify any eligible lender of the student’s choosing.
  • Alliant University does not co-brand with any lenders.
  • Lenders are regularly reviewed and updated with current information.
Opens in new window