Alternative Loans

Important Private Loan Information

Some lenders offer private, or “alternative” loans to students who need extra assistance in paying for educational expenses that aren't covered by federal loans, grants and scholarships.  Before using private loans, which tend to be more costly and have higher interest rates than federally guaranteed loans, make sure you understand the following points:

• Students are strongly encouraged to pursue all other types of aid, including federal loans, before applying for a private loan as grant money is free and federal loans have a lower, fixed interest rate.
• A student who has exhausted all other financial aid options may want to consider applying for an alternative educational loan.
• Students can apply for this type of loan on their own if credit-worthy.  If not, a credit-worthy cosigner will be required.
• Students can borrow up to total cost of attendance minus other aid received.
• Payments are deferred as long as the student remains enrolled at least half time. Interest does accrue while in school. It is strongly encouraged to pay the interest while in school.


Disclosures lenders must provide to borrowers

1.  Application and Solicitation Disclosure -- Provided when an application is initiated.

2.  Borrower Self-Certification Form – Each private loan lender must obtain a signed and completed self-certification form from the borrower BEFORE disbursements can be made.  Although this form should be given to the student by the lender when the initial Application and Solicitation Disclosure is sent, you may obtain a copy of the self-certification form by clicking here

3.  Loan Approved Disclosure -- Sent after credit is approved.  This disclosure provides information about terms of the loan.  The borrower must actively accept the loan term within 30 days of receipt of disclosure for the application to proceed.

4.  Final Disclosure -- Sent after the borrower has accepted the terms of the loan and after the school has certified the loan amount (occurs prior to disbursement).  The loan cannot be disbursed to the school until up to 7 days have passed from the lender sending disclosures to the borrower.


You may qualify for Federal education loans or other assistance. Please check your financial aid award and/or contact the Financial Aid Office regarding your eligibility. Current interest rates for federal loans can be found at: https://studentaid.ed.gov/sa/types/loans/interest-rates


Listed below are potential options so that you can research and determine which lender may best meet your needs.  The INvestEd Marketplace allows you to compare lenders and actual rates for possible alternative loans and the other list provides lenders who have historically provided loans to STE students. The School of Nursing does not endorse any lender and you may choose whichever/whomever you wish as long as they are willing to fund you to attend STE.  Not all lenders are able to fund all students at all schools in all states:  Be sure to tell which ever lender you choose that you are attending St. Elizabeth School of Nursing in Lafayette, Indiana, school code 006257. 


·         INvestEd Marketplace  (Why INvestEd Marketplace?)


 Sallie Mae Smart Option Student LoanSM

 Sallie Mae Parent Loan OptionsSM

INvestEd Student Loan

Wells Fargo Student Loan

PNC Leading the way

PNC Solution Loan for Undergraduate Students