Alternative (Private) Loans

What are Alternative (Private) Student Loans?

Alternative or private student loans are offered by private lenders, with unique criteria and features, based upon the lender. Students may be eligible to borrow when enrolled as full-time, half-time, or less-than-half time status in degree and certificate programs. Interest rates may be fixed or variable. Approval is typically based on the borrower’s and/or co-signor’s credit. Pearl River Community College will certify private loan amounts up to the cost of attendance minus other financial aid.

Online resources for information on choosing a loan are:

Who should consider private student loans?

Alternative (Private) student loans may be an important source of funding for students who are:

  • ineligible for federal financial aid
  • in need of loan funding beyond the federal loan limits permit during the year, or
  • owe a balance to Pearl River Community College which occurred in a prior academic year

How do I apply for private student loans?

  1. Explore federal loan options first.
  2. Choose a lender for the Alternative (Private) Student Loan based on comparative shopping for repayment, interest rates, eligibility requirements and loan limits.
  3. Apply online with the lender of choice.
  4. Respond to requests from the lender for additional information.

Lenders must provide the student with a 10 day rescission or “right-to-cancel” period after the final loan disclosure form is sent to the student. The 10 day rescission period is the timeframe between when the school has certified your loan and when it is ready to be disbursed to your student account. Note:  PRCC does not offer any preferred lender arrangements. 

To assist students with exploring private student loan options, PRCC has partnered with ELMSelect.  Click on the link below to review private loan options.  Please note that students are not limited to the lenders included on this list and have the right to choose any lender.

ELMSelect Private Loan Portal

Get more information about this program

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