A number of private lenders (non-federal) and other financial institutions offer education loans to students. These loans are referred to as private alternative loans. These private alternative loans are not subsidized and generally have higher interest rates and fees, both based on your credit score. In addition, cosigners may be required. King’s College encourages families to first consider the Federal Direct and Federal Direct PLUS loan programs when they need to borrow.
If you choose to pursue a private alternative loan, you will submit your loan application directly to the lender and not King’s College. Interest rates (sometimes variable or fixed) and fees on many private loans are tiered, based on your credit score. Therefore, the Office of Financial Aid cannot provide you with information about comparative pricing of private loans nor about the likelihood of your being approved with or without a cosigner.
Please note that with current credit market conditions, credit approval for these loans has become more restrictive. Additionally, the continued funding from these loans for all undergraduate years has become less reliable than the Federal Direct Parent PLUS Loan. As application and credit review requirements vary, our advice is to apply early if you choose one of these loans as part of your financing plan.
Tip: Before applying for any private alternative loan, be sure to get free copies of your credit reports at www.annualcreditreport.com and correct any errors that may be listed.
HISTORICAL LENDING LIST
Please visit ELMSelect.com for a comprehensive, three-year list of lenders commonly used by our students and families. Your specific needs are unique, and no lender is perfect for every student, so we recommend you shop around to find the best loan to meet your needs.
To best support the selection process, King’s College has chosen to use a display platform called ELMSelect, which is not a lender and does not promote any lender. Additionally, not all lenders choose to participate with ELMSelect. It is important to note that:
- The list is NOT ranked in any way.
- We do not have preferred arrangements with any of the lenders listed on ELMSelect.
- The Office of Financial Aid receives no benefit for listing these lenders.
- We cannot legally recommend a lender to you.
- Under federal law, you have the right to borrow through the lender of your choice regardless of whether the lender appears on this list.
- Some loans have citizenship, residency, or membership requirements.