Private or Alternative Loans

Alternative loans are private loans offered through a lending institution and not part of federal government programs. Alternative loan rates may vary from federal government guaranteed loan. Eligibility is based on the creditworthiness of the borrower or co-signer, if applicable. Please contact the lender directly with any questions related to a loan program's specific terms and conditions.


You have the right to select the education loan provider of your choice.


Private Loan New Regulations 
*effective February 14th, 2010*


The Higher Education Opportunity Act of 2008 amended the federal Truth-in-Lending act to include new disclosure requirements and to prohibit certain practices for creditors making private education loans.


What does this mean for you, as a student?

  • Lenders will be required to send you new standardized disclosures.

  • You will be required to complete a “self-certification” with the lender.

  • You will be given a 30-day approval window to accept loans offered.

  • You will have a 3-day right to rescind the loan.


Self-Certification form:

Students will be asked to provide the cost of attendance based on # of credits, and the financial assistance or  financial aid they are eligible for.  Copy information found on the website’s Tuition and Fees page (provide link) for the cost of attendance; for the financial assistance question, log onto KeanWISE  and copy your financial aid award information onto the Self-Certification form and submit to lender.


    Self-Certification example (Department of Education):

    Students cost of attendance for the period of enrollment covered by the loan: $27,504.00

    Estimated financial assistance:                                                                          $5,500.00

    Difference between amounts A and B:                                                              $22,004.00


    After the Self-Certification is received, the University can then certify for disbursement.

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