The Office of Financial Aid recommends that students utilize federal student loans before considering private educational loans. Federal loans have lower fixed interest rates and also have deferment and consolidation options. Students who need further financing beyond federal student loan eligibility should select the loan that best meets funding needs and offers the best interest rate and borrower benefits.
At Allegheny College, we believe families should have as much information as possible to make individual loan choices that are in their best interest. Many families find it challenging to gather accurate loan information to make the best borrowing decision. To assist you, Allegheny maintains a list of possible lenders families may wish to include when comparing private loan options; however, borrowers are not limited to Allegheny’s private lender list and may select a lender not on Allegheny’s private lender list.
After a family has researched and selected the alternative loan of their choice, and once the lender approves the loan application, Allegheny College promptly provides loan certification information, so the funds can be credited as soon as possible to the student’s account.
Borrowers who have questions regarding federal or private student loans are encouraged to contact the Office of Financial Aid at 800-835-7780 for more information or individual assistance.
Please visit www.ELMSelect.com for examples of private student loan options. Allegheny College has no written or implied preferred lender arrangement with lenders on its list of possible lenders. The method and criteria used by Allegheny College when selecting lenders of private loans whose information we will share with students and parents are as follows:
Method - Allegheny College sends requests for private loan information to lenders each January. Lenders responding to this request for information must provide information on their private loan products by the response deadline in mid-February each year. There is no specific format required for response. By March 1st, financial aid staff will review the terms, conditions, and provisions of each type of loan to determine if the loan may be beneficial to students or their families. Those loans determined to be typical for the credit market at that time will be included on the www.ELMSelect.com website for families to view and consider when comparing loan options.
Criteria - Allegheny College Office of Financial Aid seeks lenders that offer the most favorable loan products as determined through:
- Loan Terms (e.g., interest rates, fees charged, and front end borrower benefits)
- Customer Service (e.g., timeliness of processing and disbursement, ease of application, web-based services)
- Savings Potential (e.g., rate reduction and/or consolidation options)
- Default Prevention (e.g., standards to help students maintain good account standing)
Allegheny College has no limit to the number of lenders we list on the www.ELMSelect.com website. We will include as many lenders annually as we determine offer comparable favorable loan terms, customer service, savings potential, and default prevention when comparing all of the responses we receive. The alternative loan information we provide to students and parents is for their information in comparing loan options, and does not imply any particular endorsement or recommendation by Allegheny College regarding specific lenders.
Please view the Code of Conduct for Educational Loans for more information on Allegheny College’s commitment to conducting ethical financial aid practices in the interest of students, and in compliance with applicable law. The Private Educational Loan Disclosures under the Sources of Aid section of Allegheny’s financial aid web site provides additional facts regarding private educational loans.