Private Alternative Loans

Private Education Loans

Private education loans are non-federal, credit-based loans offered by banks, credit unions, state agencies, and private education loan providers. These loans can help cover educational expenses that may remain after all other forms of financial aid have been applied not to exceed your Cost of Attendance.

Before considering a private education loan, it is important that all students review and exhaust their eligibility for federal student aid, including grants, work-study, and federal loans. To apply for federal aid, students must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov. You can also visit the site to learn more about your eligibility and explore available federal aid programs.

ELM Select – Compare Lenders Easily

To support students in making informed borrowing decisions, the University of Pennsylvania now offers access to ELM Select, an online tool that allows you to:

  • Review private lenders frequently used by Penn students
  • Compare loan products side-by-side based on rates, fees, and repayment terms
  • Apply directly through the lender’s website

You are not required to use a lender listed on ELM Select. We also offer additional resources, including our Historical Lender List, which contains information on other lenders students have used in the past. If you choose a lender not listed on ELM Select, simply apply through that lender’s website and include Penn’s school code 003378 so we can receive your application.

How to Use ELM Select:

  1. Click here to access ELM Select
  2. Select your academic program
  3. Click “View Loans” to see available options
  4. Compare lenders and loan products
  5. Click “Apply” when you’re ready to proceed

 

Historical Lending List

Please note you are not required to use any of the listed lenders and will not be penalized or disadvantaged if you choose to borrow from another lender. Be sure to compare the fees and terms of all student loan products to determine which are best suited to your needs.

LenderWebsite
1st Ed Credit Unionhttps://www.1edcu.org/loans/studentloans/
American Eagle Financial Credit Unionhttps://www.americaneagle.org/Borrow/Personal-Loans/Student-Loans
Ascenthttps://ascentstudentloans.com/
Bank-Fund Staff Federal Credit Unionhttps://bfsfcu.org/borrow/education-loans.html
Bank of North Dakotahttps://bnd.nd.gov/studentloans/
Baxter Credit Unionhttps://www.bcu.org/StudentLoans.aspx
Connecticut Higher Education Supplemental Loan Authority (CHESLA)https://www.chesla.org
Citizens Bankhttp://www.citizensbank.com/studentloans
College Avenuehttps://www.collegeavestudentloans.com/
Day Air Credit Unionhttps://dayair.org/blog/private-student-loans/
Earnest Student Loans, A Navient companyhttps://www.earnest.com/for-schools
EdVestinUhttps://www.edvestinu.com/
Higher Education Student Assistance Authority (HESAA) - NJCLASS Loanhttps://www.hesaa.org/Pages/NJCLASSHome.aspx
iHELPhttps://www.slfc.com/ihelploan
Massachusetts Educational Financing Authority (MEFA)https://www.mefa.org/products/undergraduate-loans/
Members 1st Federal Credit Unionhttps://www.members1st.org/products-services/student-services
Navy Federal Credit Unionhttps://www.navyfederal.org/products-services/loans/student-loans/
NASA Federal Credit Unionhttps://www.nasafcu.com/student-loans/
Nelnethttps://www.nelnetbank.com/
PA Forwardhttps://www.pheaa.org/student-loans/pa-forward/  
PNC Bankhttp://www.pnconcampus.com/studentloanguide/
privateloans/default.html
Rhode Island Student Loan Authority (RISLA)https://www.risla.com/risla-student-loans
SallieMaehttp://www.salliemae.com/upenn
SoFihttps://www.sofi.com/private-student-loans/
Star One Credit Unionhttps://www.starone.org/loans/student/
Sun Federal Credit Unionhttps://sunfederalcu.org/borrow/student-loans
Thrivent Federal Credit Unionhttps://www.thriventcu.com/explore/pay-for-college/
Union Federalhttps://www.unionfederalstudentloans.com/