CONSIDERING A PRIVATE LOAN?
A private loan for education should be utilized only after the student has applied for other forms of aid from the federal government, including federal loan programs, with the Free Application for Federal Student Aid (FAFSA).
WHAT IS A PRIVATE STUDENT LOAN?
Private loans are non-federal educational loans through a private lender that are processed and issued in a student's name. Since they are not federally backed loans, a credit check and credit worthy co-signer are usually required by the lender.
Point Park University strongly recommends that students and families consider an alternative loan only as a last resort and only after they have exhausted their loan eligibility under the Federal Direct Loan Program (Direct Loan and Direct PLUS Loan). The Direct Loan Program offers deferment, repayment and consolidation options not offered under alternative loans.
SELECTING A LENDER
A student may choose any lender when borrowing a private student loan. It is crucial though that you do your homework and select a lender and a loan that best suits your academic and financial needs as a borrower, since there may be differences in interest rates, fees, credit evaluation, academic progress requirements, repayment terms and borrower benefits.
The list of lenders is available through a variety of websites. You can visit the Pennsylvania Private Student Loan Marketplace, ELMSelect or Pennsylvania Student Choice. This summary information is intended only as a guide for comparison purposes. Many other options exist for supplemental borrowing. You are NOT required to use any of the loans or lenders listed on this guide. Please consider the lender and loan product that best meets your needs. More information and a list of private lenders can also be found at finaid.org.
STUDENT LENDING CODE of CONDUCT
Point Park University is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between Point Park University officers, employees or agents and education loan lenders, Point Park University has adopted the Lender Code of Conduct.