Alternative Loans

Alternative Loans (sometimes referred to as private loans) are available through various lending institutions and are not guaranteed by the federal government. Eligibility is based on the creditworthiness of the borrower or co-signer. 

Interest rates, fees, repayment periods, etc. can vary by lender and loan program. In order to remain competitive lending institutions frequently reevaluate their alternative loan programs.  Carefully review the websites for those loans that are of interest to you or call the loan program to discuss the available options.

The Higher Education Opportunity Act of 2008 gave borrowers 30 days to accept the terms of the loan and three days to cancel the loan.  Prior to receiving an alternative loan, the borrower must certify with the lender, among other things, that he or she is aware that the student may qualify for assistance from federal student aid programs.  Note: the terms and conditions of loans made under the federal student aid programs may be more favorable than the provisions of private education loans. 

Some alternative loan programs permit the student to borrow in his/her own name; others require a credit-worthy co-signer, who does not necessarily have to be the parent. Other programs are available exclusively for parent borrowers.

If you wish to borrow an alternative loan, please apply on line with the lender or submit the loan application directly to the Office of Financial Aid at least 3-4 weeks before the funds are needed to provide adequate time for processing.

Gettysburg College has chosen to list the following alternative loan programs for the 2009-10 academic year based upon commitment to students, customer service, and good working relationships when processing issues arise.  There are no affiliations between any of the lenders listed below.  It is not required that you select one of these lenders.  There are numerous other lenders who offer alternative loans.  We will be happy to process a loan through any lender that you choose. The Pennsylvania Education Lenders Association (PELA) provides a listing of websites for their members at http://pelalenders.org.

Chase Select Student Loan
1-866-306-0868 

Sallie Mae Smart Option Student Loan
1-888-272-5543

The PNC Solution Loan
1-800-762-1001 

Citibank CitiAssist Loan
1-800-967-2400