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Private Alternative Loans

Private educational loans, often referred to as alternative loans, are an additional funding option to consider for students and families who are trying to meet the costs of college. Before considering a private loan, we recommend that students review their eligibility for Federal student loans, as these loans generally have better terms compared to private loans. Factors to consider when borrowing a private loan and a comparison chart can be viewed at Loan Options.

General Information for Private Educational Loans

  • Typically have higher interest that accrues while the student is enrolled
  • Require good credit history for student (or co-borrower) in order to be approved for the loan
  • Most lenders require that you be enrolled at least half time in a degree-seeking program
  • Must complete a Self-Certification Form to provide financial aid information to your lender. This can be accessed on the Accept Award Offer and Cost of Attendance Tabs of the student’s myPurdue account.
  • Due to requirements of the private lenders, we recommend that you apply at least three weeks prior to the date you need the funds and comply quickly to information requests from your lender.

Private Educational Loan Programs

The following is a list of private lenders that Purdue students have used over the past three years. Purdue University does not endorse a particular lender. Students can choose any lender that best fits their needs, including ones not listed below. Students can use our loan comparison tool to compare our top volume lenders.