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Alternative Lending/Private Loans

Alternative (Private) Loans

There are significant differences between federal loans and private education loans. Students are encouraged to exhaust financing options such as federal loans and the tuition payment plan before considering a private loan. Private loan lenders may be banks, credit unions, or other commercial financial institutions. Each lenders' products and services will vary. These loans are based on the credit-worthiness of the applicant and may require/offer the option for a co-signer. The maximum amount you may borrow may vary by lender but it cannot exceed the cost of attendance less any other aid offered to you. 

Please note it is the responsibility of the borrower to ensure that the Student Financial Services Office receives any certification requests from lenders.

The private loan process can take several weeks from application to disbursement to the student account. Students are strongly encouraged begin their private lender research before the bill is due for the enrollment term. While you may apply for a private loan each term, we recommend that you determine the amount needed for the entire academic year and apply for the total amount.

Misericordia utilizes ELMSelect, a neutral lender and product comparison tool, to present the lenders on our preferred lender list to you. Access our lender list by visiting: 

Misericordia Preferred Alternative Loan Lenders

Preferred Lender List Information

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