Private Educational Loans (also called Alternative Loans) are designed to help students who need additional funding to meet educational costs. Students and families are strongly encouraged to complete a FAFSA each academic year, and to make sure they have completed all the necessary steps to take advantage of any federal, state and institutional grants and scholarships for which they are eligible. Students and families should also consider, and apply for, all federal Direct Loan programs (Direct Student Subsidized and Unsubsidized, and Federal Direct Parent and Graduate PLUS loans) before applying for a private educational loan.
Immaculata University has developed a private educational loan lender list based on the loan programs used most frequently by our students and their families, and the quality of products and services provided. You are free to choose any lender. Regardless of your choice, your private educational loan application will be processed in a timely manner. Review the list of lenders, services, and benefits to evaluate which loan might be right for you.
**Selecting the right financing option that will best meet the needs of the individual student and family is all part of the process. Selecting a lender to meet your need is also a consideration of the process. The lenders listed above have been selected by Immaculata University based upon customer service and satisfaction, being mutually exclusive, and belief that their product(s) information is in the best interest of our students and families to provide financing options. Both students and families are free to choose from any lender and/or guarantor other than those listed above for providing private educational loan funds with no unnecessary delay. Please contact the Office of Financial Aid for any additional information about the lender/guarantor processing. If you have had previous private educational loans, you may wish to choose the same lender when applying for additional loans.
Borrowers must contact the lender directly to apply. Students should consider the amount of financing they will need for the entire academic year when applying for loans. Students with little or no credit history greatly improve their chances of being approved when applying with a qualified co-signer. Also, having a co-signer may result in better loan terms and conditions, such as a lower interest rate.
Note to co-signers: When co-signing a loan, you are responsible for the repayment of the loan if the primary borrower is unable to make satisfactory payments. Some lenders may have co-signer release options. After the loan is approved, the lender will contact Immaculata University to request certification. Before the loan can be disbursed, the borrower must complete the private loan disclosure process, which includes completing the private loan self-certification form and returning it to the lender. The entire private educational loan process, from application to disbursement, takes a minimum of 60 days. Borrowers should be aware of the length of this process when considering using the funds to pay their Immaculata University bill.
The Private Student Loan Transparency and Improvement Act, as a part of Regulation Z of the Higher Education Opportunity Act (HEOA) requires lenders to provide certain disclosure statements through the Truth in Lending Act (TILA). This allows for borrowers to receive three disclosure statements from the lender, and requires a self-certification from the student between the time of a private educational loan application through the time funds are disbursed to the University. See the complete listing
of all the disclosure statements.