Alternative Loans
Alternative Loans
Also known as private loans, alternative loans are nonfederal loans offered by private lenders such as banks or credit unions. These loans are available to both traditional undergraduate students and adult students in accelerated bachelor's degree or graduate programs. They can help bridge the gap between the cost of education and what students can borrow through federal loan programs or their family's financial resources.
Alternative education loans typically require a creditworthy cosigner. Loan limits and interest rates vary by lender, and there are no federal forms to complete. However, Rosemont College has also paired with ElmSelect to offer families a way to search for loan lenders that they may not have been aware of. Please keep in mind that if a student chooses to apply for an alternative loan, they will be completing the application and providing any additional information for the loan to the lender they have chosen.
Explore Federal, State & Institutional Aid Options
Free or lower cost Title IV federal, state, or institutional aid may be available in place of, or in addition to, a private education loan. To apply for Title IV federal grants, loans, and work study, please visit Steps to Apply for Aid. You are strongly encouraged to explore these options before considering private loans.The College does not have a list of preferred private lenders. We do provide an interactive loan comparison tool found at Elmselect, which may provide some private loan options that fit your needs.
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Truth in Lending Act
The Federal Truth in Lending Act has changed the regulations for obtaining private educational loans, otherwise known as alternative loans.
Specific adjustments include providing three detailed disclosures to the borrower throughout the loan application and approval process, obtaining a borrower self certification form, and allowing a three day “right of rescission” period during which the student may cancel the loan.
Types of Financial Aid
My Financial Aid Portal
Your Student Financial Aid Portal is designed to keep you updated on your financial aid status and assist you throughout the financial aid process. You can use the Student Aid Portal to:
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- View your financial aid offer
- Accept or decline your financial aid offer
- View received and outstanding documents
- View messages related to your financial aid offer
- Check the status of your student loans for the current year
- View your student loan history
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the Sponsoring Congregation of Rosemont College
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