Private Loans, sometimes referred to as Alternative Loans are also an option for some students.  They are non-federal credit-based loans provided by an outside resource such as a bank or lending institution to cover any financial gaps that may exist between the student’s cost of attendance and the amount of financial aid received.  These loans usually have stricter eligibility requirements and come with fewer borrower protections than federal student loans.  Approval and interest rates are based on the creditworthiness of the borrower and cosigner.  Each alternative lender has different eligibility requirements, loan rates, terms, and conditions. 

Alternative loans are also options for students who are enrolled less than half-time, non-degree seeking, not meeting Satisfactory Academic Progress, or who choose not to complete a FAFSA to use federal aid.  Some lenders have loans available so parents, family members, or other credit-worthy individuals may also borrow on behalf of the student. 

The University encourages students to file a FAFSA and exhaust your eligibility for all federal forms of aid, including PLUS loans or any payment plan with the Student Accounts Office before choosing to take out a private loan.  The University does not promote or endorse any private educational loan lenders and borrowers my choose any participating lender when borrowing through the Private Alternative Education Loan programs.  To assist you in your search, we have provided a list of private loan lenders from whom PennWest University students have borrowed in the past three years.  Please select the link below which will direct you to ELMSelect, our private loan comparison tool.

View ELMSelect

Please be sure to shop around at the different banks and credits unions to choose one that works for your family before applying.  We recommend waiting until you receive you University bill before applying so you know how much to borrow for the year.  Please keep in mind that we bill per semester, so when you receive your Fall bill, you will want to double the amount due to cover both the Fall and Spring semesters.

Private Education Loan Applicant Self-Certification Form

Recent amendments to the Truth in Lending Act (TILA) require you to obtain and complete and sign the Private Education Loan Applicant Self-Certification form created by the Department of Education. The self-certification form will include information about the availability of federal student loans, the student’s cost of attendance, and estimated amount of financial assistance, and the difference between the student’s cost of attendance and estimated financial aid.  To obtain your cost of attendance and your estimated financial assistance for the period of enrollment covered by the loan, log into the myPennWest student portal and select the Financial Aid tab. 

Student Lending Code of Conduct

Pennsylvania Western University (PennWest) is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between Pennsylvania Western University officers, employees, or agents and education loan lenders, Pennsylvania Western University has adopted the following:

PennWest University does allow for reasonable reimbursement of expenses associated with participation in such boards, commissions, or groups by lenders, guarantors, or groups of lenders and/or guarantors.

TILA also requires lenders to provide you with three disclosures:

Timing of the last disclosure may delay loan disbursement by an additional 1-2 weeks.  Please plan accordingly.