Private Education Loan Information
Free or lower-cost Title IV federal, state, or institutional aid may be available in place of, or in addition to, a private education loan. You are strongly encouraged to pursue the availability of free or lower-cost financial aid first.
Alternative loans are private educational loans in which the student is the borrower; however, a cosigner is usually required depending upon the creditworthiness of the student.
When you click on the link below you will leave the Saint Joseph’s University website and access the ELMSelect website hosted and maintained by ELM Resources, which provides information about educational loans. Saint Joseph’s University does not control the ELMSelect website and expressly disclaims all liability for any damages to you as a result of your use of or reliance on the information on the ELMSelect website. Saint Joseph’s University does not promote, endorse, or recommend any loan products or lenders that are available through the ELMSelect website. Your use of the ELMSelect website is governed by third party terms and policies, including privacy and data practices, which are not those of Saint Joseph’s University.
Lenders listed under Saint Joseph’s University on the ELM Select website are those our students have successfully borrowed with over the past several years. Students and families have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders current students utilize, and will not be penalized for choosing another lender. Saint Joseph’s University will process a loan with any lender a borrower chooses.
Remember, all loans are certified for the full year - ex. Fall/Spring or Fall/Spring/Summer. Loans are not processed for one term only.
The Fair Isaac Corporation, the creator of the FICO score, recently clarified that shopping for the best priced private educational loan does not necessarily lower an individual’s credit score as long as the credit inquiries are made within a time frame of 30 days. We recommend that you shop for the loans during a 30-day period through June and July. Once you have decided on a loan and have sent a signed Master Promissory Note (MPN) along with all required paperwork to the lender, certification information is then provided to the University. This certification process begins in mid to late July.
The following are questions we suggest asking when speaking with lenders:
Changes to Alternative Loan Regulations
Alternative Loan Borrowers – The Federal Truth-In-Lending Act has changed the regulations necessary for borrowers to receive private educational loans.