Private Lender Arrangements

Private Loans 

Private Loans: Understand Your Options

Make informed choices to bridge the gap after other financial aid.

Paying for college isn’t always easy, but there are options to help bridge the gap between what your financial aid covers and your remaining expenses. 

• Credit-Based Approval: Private student loans are issued in the student’s name and often require a co-signer to qualify.
• Variable & Fixed Rates: Lenders offer both options, with rates based on the borrower's credit profile.
• Start with Federal Aid: Always complete the FAFSA first and see what you're eligible for. Grants don’t need to be repaid, and federal loans offer benefits like fixed interest rates, no credit checks, and interest-free options while you're in school.
• Strategic Borrowing: Use private loans to cover remaining costs only after you've maximized grants, scholarships, and federal loans. This approach helps you minimize overall debt.

Finding the right private student loan just got simpler!

• ELM Select  helps students explore lender options with ease. Here’s what you can do:
• Review detailed lender information.
• Compare up to three lenders or loan types side by side.
• Apply directly when you're ready.
• Pro Tip: Loan terms vary, so take your time to compare and choose the best option for your needs!

What to Look for in a Lender

• Interest Rates: Compare both fixed and variable options. Lower isn’t always better if it comes with stricter repayment terms.
• Repayment Flexibility: Look for repayment plans that match your expected financial situation after graduation.
• Deferment and Forbearance Policies: Not all lenders offer the same support if you hit financial hardship.
• Cosigner Release: Some lenders allow your cosigner to be removed after a set number of on-time payments—this can be a major plus.
• Customer Service Reputation: Reviews and rankings can give you insight into how well a lender supports borrowers.

Key Advice Before You Decide

• Apply with a Cosigner: Even if you don’t need one, applying with a credit-worthy cosigner could help you secure better terms.
• Use Loan Comparison Tools: Sites like ELM Select let you view side-by-side comparisons to simplify your decision.
• Ask Questions: Don’t hesitate to contact lenders directly and ask about fees, timelines, or terms you don’t understand.
• Think Long-Term: A lower rate today is great—but make sure the loan still works for you over the next 10+ years.

Remember: It’s Your Choice

East Stroudsburg University does not endorse any specific lender nor does it recommend any specific lender to students. You can apply with any lender of your choice—even those not listed on ELM Select. The Financial Aid Office will process loans from any eligible lender, so choose the one that works best for you