On February 14, 2010, all private loan borrowers, pursuant to revisions in the Truth in Lending Act, are required to complete a self-certification form (Adobe PDF) before a private student loan can be approved. While your lender is required to provide you this form, colleges are also required to provide a copy which can be downloaded at the link listed above. Some lenders may also ask you to provideQuinnipiac University's OPE ID# which is 00140200.
Private/alternative loans are available for students seeking loan assistance above and beyond the federal programs. We strongly encourage students to apply for financial aid first, and exhaust all federal student and parent loan options second, prior to borrowing a private loan due to the higher rates, fees, terms and conditions that usually apply. Private educational loans are available for students and normally require a credit-worthy cosigner for approval. Securing a strong, credit-worthy cosigner also insures the student better rates and fees on most loans. Interest will accrue from the moment the loan is disbursed and repayment normally begins after graduation. Student borrowers often have the option of making interest-only payments while in school or deferring and capitalizing the interest until after graduation. It is important to note that capitalizing interest over 4 years of undergraduate study will result in a much higher loan balance due than if a student paid the accrued interest while in school.
Unfortunately, due to the state of the economy, many lenders have stopped offering private loans for educational costs, tightened credit criteria or raised interest rates and fees in an effort to offset the higher cost of raising capital to lend. At this time, there are about a dozen national lenders, a handful of credit unions and a small number of states offering private educational loan programs. For specific details on these loans, we recommend you go to Student Lending Analytics, an independent research firm with no lender or financial service affiliations, which offers unbiased information on private educational loans, lenders, rates and fees. Please pay special attention to the link on their main page to research your state loan programs which often come with better terms, conditions fees and interest rates.
We encourage you to begin your research here before applying for a loan to assure that you are getting the most competitive rates, fees and terms available. It is also important to note that all lenders can change these loans on a moment's notice so please visit the appropriate web site to research the most up-to-date loan information available.