Private Alternative Loans

A number of private lenders (non-federal) and other financial institutions offer education loans to students. These loans are referred to as private alternative loans.

Private alternative loans are not subsidized, and generally have higher interest rates and fees, both based on your credit score. In addition, cosigners may be required. Penn encourages U.S. citizens and permanent residents to first consider the Federal Direct and Federal Direct PLUS loan programs when they need to borrow.

If you choose to pursue a private alternative loan, you will submit your loan application directly to the lender and not through the University of Pennsylvania.

Can Penn recommend the best private alternative loan?

Interest rates and fees on many private loans are tiered, based on your credit score. Therefore, Penn cannot provide you with information about comparative pricing of private loans nor about the likelihood of your being approved with or without a cosigner.

To assist you we have listed below, in alphabetical order, those private lenders who have made five or more private educational loans to Penn students over the past five years, who have not, to our knowledge, suspended making education loans, and who have electronic processes and links to Penn that expedite loan origination and disbursement.

Tip: Before applying for any private alternative loan program, be sure to get free copies of your credit reports at www.annualcreditreport.com and correct any errors that may be listed.

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.

Lender

Website

1st Ed Credit Union https://www.1edcu.org/loans/studentloans/
American Eagle Financial Credit Union https://www.americaneagle.org/Borrow/Personal-Loans/Student-Loans
Ascent https://ascentstudentloans.com/
Bank-Fund Staff Federal Credit Union https://bfsfcu.org/borrow/education-loans.html
Bank of North Dakota https://bnd.nd.gov/studentloans/
Baxter Credit Union https://www.bcu.org/StudentLoans.aspx
Connecticut Higher Education Supplemental Loan Authority (CHESLA) https://www.chesla.org

Citizens Bank

http://www.citizensbank.com/studentloans

College Avenue https://www.collegeavestudentloans.com/
CommonBond https://www.commonbond.co/

Day Air Credit Union

https://dayair.org/blog/private-student-loans/

Discover

http://www.discoverstudentloans.com/home.aspx

EdVestinU https://www.edvestinu.com/
Higher Education Student Assistance Authority (HESAA) - NJCLASS Loan https://www.hesaa.org/Pages/NJCLASSHome.aspx
iHELP https://www.slfc.com/ihelploan
Massachusetts Educational Financing Authority (MEFA) https://www.mefa.org/products/undergraduate-loans/
Members 1st Federal Credit Union https://www.members1st.org/products-services/student-services
MPOWER Financing https://www.mpowerfinancing.com/
Navy Federal Credit Union https://www.navyfederal.org/products-services/loans/student-loans/
NASA Federal Credit Union https://www.nasafcu.com/student-loans/

PNC Bank

http://www.pnconcampus.com/studentloanguide/
privateloans/default.html

Prodigy Finance https://prodigyfinance.com/
Quorum https://www.quorumfcu.org/lending/student-loans
Rhode Island Student Loan Authority (RISLA) https://www.risla.com/risla-student-loans

SallieMae

http://www.salliemae.com/upenn

Star One Credit Union https://www.starone.org/loans/student/
Sun Federal Credit Union https://sunfederalcu.org/borrow/student-loans
Suntrust
Bank - Custom Choice Loan
http://suntrustloans.co/Vu928d
Thrivent Federal Credit Union https://www.thriventcu.com/explore/pay-for-college/
Union Federal https://www.unionfederalstudentloans.com/