Private Loans/Alternative Loan Programs
Private loans, also known as alternative loans, are available for students who require additional funding. The annual maximum loan limits for most private loans is the difference between the cost of attendance and any other financial aid received for the academic year.
Unlike the federal loan programs, alternative loan programs are consumer loans for students and therefore:
- Require borrowers to demonstrate good credit histories as part of the eligibility requirements.
- The terms/cost of private loans vary between lenders. It is important to understand that alternative loans have a variable interest rate while the Grad-Plus loan interest rate is fixed at 8.5% for the life of the loan.
Private Loan Lenders
To assist you in your choice, Touro Law Center has identified alternative loan lenders that our students have borrowed from in the past and who are currently providing alternative loans. This is not a list of recommended lenders but rather a way to compare and select a lender that best fits your needs. You are free to choose any lender and we will process the loan for you. Students should consider the benefits of borrowing a federal student loan before applying for an alternative loan.
PNC Bank- www.pnconcampus.com
Citizens Bank- www.citizensbank.com
Discover Student Loans- www.discover.com
Wells Fargo- www.wellsfargo.com/student
It is strongly recommended that you get a copy of your credit report from each of the three credit reporting agencies prior to applying for a private education loan. Credit reports may contain misinformation that can take time to correct.
You are entitled to receive one free credit report file every 12 months from each of the nationwide consumer credit reporting companies. You may obtain your free credit report from www.annualcreditreport.com or by calling
If you would like a copy of your credit score, you must purchase it. Used by a lender to help determine whether a person qualifies for a particular credit card, loan (such as a private loan) or service. Generally, the higher the score, the less risk you represent and the better rates you will be offered. The credit score may also be purchased through www.annualcreditreport.com or by contacting one of the three nationwide consumer credit reporting agencies: