Private Alternative Loans
There are a large number of private commercial educational loan options to assist students and families in meeting college costs. You should only consider obtaining a private alternative loan if you need funds above and beyond the maximum amount of Federal Direct Loans, which means you should file the FAFSA.
You are also encouraged to compare private alternative loan costs with those of the Federal Direct PLUS Loan, as PLUS Loan is usually less expensive and usually has better repayment options.
Most private alternative lenders rely heavily on the creditworthiness of the student and cosigner to determine whether or not a loan application will be approved and the interest rate.
Mercyhurst College recommends that borrowers compare and research various private alternative lenders available in the marketplace. To help expedite your search, you can visit this website: ELM SELECT
. We have selected the following lenders based on superior customer service and good loan terms for our borrowers. The choice of a lender is ultimately that of the borrower and we will promptly process any Alternative Loan request without bias. Please refer to our Mercyhurst Student Loan Code of Conduct.