What is it?
A long-term loan which students can repay after they graduate. 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. It is recommended that the student apply for grants 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?
Federal Direct and Federal Graduate Plus Loans may have more favorable terms and conditions. Compare interest rate and fees. Federal loan benefits including 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.
What are the disbursement requirements?
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?
After considering federal loans, contact a bank of your choice.
Below is a roster of alphabetically-arranged loan products that PTS students have utilized in the past. PTS does not endorse any specific lender; inclusion on this page is strictly informational. You may choose a lender of your choice. Your choice of lender, other than those posted, will not result in denial or delay of processing. Upon application, the lender of your choice will forward a certification request to the Financial Aid Office.
Neither PTS nor the Financial Aid Office intends any specific endorsement, recommendation, or promotion of products by including these lenders on this page. An alternative loan is an agreement between the borrower and the lender.