What is it?
Private loan programs offer competitive interest rates and borrower benefits. Unlike the Federal Direct Loan or Federal Direct Graduate Plus Loan, these loans are not federally regulated. The student applies directly to a commercial lender. The Department of Education recommends that a student apply for scholarships and federal loans before pursuing private loans.
Who can apply?
Eligibility criteria, terms, and conditions vary by lender. It is important that the student compare loans to receive the best value.
How much can I borrow?
The annual limit is the Cost of Education minus all other financial aid, including loans.
What should I compare?
Compare interest rate and fees. Federal loan benefits may include various repayment options, deferment and forbearance options, loan forgiveness/cancelation options, death and disability benefits, may be viewed via http://www.direct.ed.gov/student.html.
What are Regulation Z and Self-Certification Forms?
Private education loans are subject to additional regulations as a result of Truth in Lending legislation. The Federal Reserve Board approved Regulation Z, which revises the disclosure requirements for private education loans. Disclosures will be provided directly to the student. Students need to complete a Self Certification Form. This form will be provided by your lender. To complete the required Cost of Attendance, visit PTS COA. Students can find their individual awards on the contracts received from the Financial Aid Office. Per federal regulation, lenders are required to provide borrowers with a three business day right-to-cancel period after the final disclosure. Also, lenders are required to add an additional three business days for a borrower to receive the final disclosure. In most cases, the disbursement process will begin on the eighth day.
How do I apply?
PTS believes it is important to help students navigate the complex task of choosing a private loan provider, which is why we participate in FASTChoice.
FASTChoice is a loan comparison service offered free-of-charge by Great Lakes Higher Education Corporation. Once in FASTChoice a student can compare various loan programs from a roster of alphabetically-arranged loan products that PTS students have utilized in the past OR link directly to the lender of their choice. The lenders in FASTChoice will automatically notify PTS when your application is approved. They will request that PTS certify your enrollment data electronically. Both PTS and the student will receive notification upon disbursement.
FASTChoice will request these identifiers:
- Name of postsecondary institution: Pittsburgh Theological Seminary
- Federal school code: 003356-00
PTS does not endorse any specific lender. A student has the right to choose any lender for a private loan. PTS does not accept any revenue sharing funds from any lender. Your choice of lender, other than those posted, will not result in denial or delay of processing. If NOT applying through FASTChoice, your lender-of- choice can fax the certification request to the PTS Financial Aid Office at 412-924-1784.