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Private Alternative Loans

Private alternative loans are managed through private lenders, issued in the student’s name, and require a credit-worthy co-signer. Eligibility, rates, terms, and conditions vary. Approval and interest rates are based on the borrower’s and co-signer’s credit ratings. Alternative loans are agreements between the borrower, co-signer, and the lender.

We encourage all Temple University students to read the Temple University Student Lending Code of Conduct (PDF).

Note that all loans are processed for the full year, fall and spring semesters. Fall only loans will be processed for fall graduates and spring only loans will be processed for spring admits. 

Advance Planning

Temple University recommends all students exhaust federal student aid options prior to pursuing private student alternative loans.

The Truth in Lending Act (TILA) requires you to complete and submit a self-certification form to all lenders for each individual application.

If your lender does not provide the form, print and complete the Private Education Loan Applicant Self-Certification. You can find your cost of attendance and estimated aid for the period of enrollment covered by the loan in the Financial Aid section of Self-Service Banner in the TUportal. Return the self-certification form to your lender.

TILA also requires lenders provide you with three disclosures:

  • upon your application;
  • when you are approved;
  • at least three days prior to disbursement.

Timing of the last disclosure may delay loan disbursements by an additional one to two weeks so plan accordingly.

Temple University cannot in any way be held liable in the event the borrower is dissatisfied with the rates, terms or service provided by the lender. Be sure you understand and agree with all terms and conditions before you apply for any private alternative loan. 

Make informed decisions

How to Apply

Apply within 90 days of the start of the semester. Schedule all courses before you apply. Increases  are not possible after the loan is certified. Please be sure to request the required amount using the appropriate loan term dates (listed below).

2015-16 Loan Term Dates

  • Fall/Spring (required): August 24, 2015 to May 04, 2016
  • Fall only (special circumstances only): August 24, 2015 to December 16, 2016
  • Spring only (special circumstances only): January 11, 2016 to May 04, 2016

There are four loan term periods—fall/spring, fall only, spring only or summer only. To ensure that we are providing the best possible service to our students, Student Financial Services will beginning the 2015-16 Academic Year, certify Private Alternative Loans for the Full Year (Fall and Spring combined), Summer will continue to be considered a seperate loan period.

The only exceptions will be for those students who:

  1. Are entering their final semester and will graduate at the end of the fall term (confirmation of graduation will be required in the form of a letter or an email to sfs@temple.edu from your academic advisor, or a copy of your application to graduate.)
    *As a result, our office will adjust your entire financial aid award according to regulations and then certify the loan for the single semester in question.
  2. New spring admits and/or students who did not attend the fall semester
  3. Students participating in a study abroad/away program for a single semester. A copy of your program acceptance/admittance will be required, if there are no charges on your account reflecting your status.
  4. Students who currently have a past due balance from a prior academic year. For example, any returning student for the Fall 2015 semester that has a balance from Spring 2015 or Summer 2015.

*All students receiving aid who will graduate at the completion of the fall term will need to contact the Student Financial Services office as soon as possible so that all their aid can be adjusted accordingly.

Students graduating at the conclusion of the Spring Semester are not subject to the exception if they were registered during the fall.

*Private Alternative Loans for the Fall/Spring loan period will be split equally between the two semesters; so the disbursement of a $10,000 Fall/Spring loan would be $5,000 for the fall semester and $5,000 for the spring semester.

NOTE: Once the Student Financial Services office certifies an approved private alternative loan (the loan funding appears on the student's SSB financial aid award account) the office will not be able to adjust the designated loan terms and/or increase the loan amount. Students that seek an additional loan amount will need to apply for another private alternative loan. 

Compare your options

Compare private student alternative loan options carefully. You are welcome to borrow from the lender of your choice without penalty whether or not that lender is identified here or in other University materials. We encourage you to compare information concerning credit-based student loans carefully to determine the best fit for your particular circumstance.

If you are denied a loan, you and your co-signer can contact the lender and request an Adverse Action Credit Letter to determine why. You should also request a copy of your credit report to review your credit information.

Many alternative lenders will approve a loan for international students who have a creditworthy U.S. citizen or permanent resident as a co-signer. Contact the lender of your choice to determine if you are eligible.

Loans offered by state agencies

Your state may offer a loan program to its residents through your home state higher education agency.  Be aware that many of these programs have limited funds and repayment options. The following list is not exhaustive.

Notification

Contact Student Financial Services if:

  • you have been fully approved by the lender in order for school certification to be complete;
  • your private student alternative loan has been decreased, increased or cancelled.