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:
Income Share Agreement
An Income Share Agreement, or ISA, provides an alternative funding option to supplement student's financial aid and federal loans. ISAs provide funding for certified tuition and fees in exchange for a student's promise to pay a fixed percentage of his or her future income for 5 years following graduation.
Stride Funding provides ISA funding options to students enrolled in eligible programs at Misericordia, who are achieving a 3.0+ GPA and are in the final two-years of their degree program. With an ISA from Stride Funding, you do not need a cosigner or current income, as they look at where you’re going (future income), not where you’ve been. All Stride students automatically become a member of the Stride Community, giving you access to career support (e.g., monthly content, exam prep, interview guidance) and a broader community of peers who can support you as you begin your professional journey.
If interested in learning more and getting a quote VISIT STRIDE FUNDING HERE