Alternative Loans
Alternative/Private Loan Programs
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Many lenders offer alternative/private education student loan programs. These are separate from the Federal Stafford and PLUS loan programs that PSU administers and are not federally regulated lending programs. It is recommended that all students first apply for Federal Financial Aid before applying for alternative or non-federal funding because terms/interest rates vary on alternative loans. These outside resources will be taken into consideration when determining eligibility for financial aid. To apply for an alternative loan, apply directly with the lender of your choice.
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Research Your Loan Options | Federal student loans offer borrowers many benefits not typically found in private loans. These include low fixed interest rates, income-based repayment plans, loan forgiveness and deferment options, including deferment of loan payments when a student returns to school. For these reasons, students and parents should always research federal student loan options before considering a private loan. To apply for federal loans, submit a Free Application for Federal Student Aid (FAFSA).
