Private Loans: Understand Your Options

Private Student Loans, also known as Alternative Loans, are offered by private lenders to help cover education costs when federal and state aid isn’t enough. They have different lending criteria than government loans and can provide more flexible repayment options.

While private loans can help bridge funding gaps, it’s usually best to maximize your federal student loans first since they often have lower interest rates and better repayment terms.

Key Things to Know:

• Credit-Based: These loans are in the student’s name and often require a co-signer to qualify.
• Interest Rates: Lenders offer both fixed and variable interest rates, which depend on the borrower’s credit history.

Private loans can be a helpful option, but be sure to explore all federal aid possibilities before applying.

Not every student's situation is the same, and sometimes, you need a loan that fits your unique needs.

Whether you’re taking fewer classes, pursuing a non-degree program, facing academic challenges, or dealing with past-due balances, there are private loan options available when federal aid is not an option.

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Check out the loan options below to find the best fit for your situation!

If you need a private loan for a unique situation, check out the options below:

Less Than Half-Time Enrollment (1-5 Credits)

• Sallie Mae
• pa forward  (goes into immediate re-payment if LTHT)
• College Ave 
• COMMONBOND | NELNET BANK

Non-Degree Students

• College Ave
• pa forward  (goes into immediate re-payment if LTHT)
• Sallie Mae

Satisfactory Academic Progress (SAP) Issues

• ASCENT  
• Citizens Bank
• COMMONBOND | NELNET BANK
• CUSTOM CHOICE
• pa forward 
• PNC Bank
• Sallie Mae
• SOFI
• Union Federal

Deferred Action Childhood Arrival (DACA) Students

• ASCENT   (with or without a cosigner)
• Sallie Mae  (with a US citizen or permanent resident cosigner)
• SOFI  (with a US citizen or permanent resident alien cosigner)
• ABE  (with a US citizen or permanent resident cosigner)

International Students

• ABE  (with a US citizen or permanent resident cosigner)
• Sallie Mae  (with a US citizen or permanent resident cosigner)

Past Due Balances

• Citizens Bank  (up to 365 days from the last date of attendance**)
• College Ave  (up to 365 days from the last date of attendance**)
• EARNEST   (up to 365 days from the last date of attendance**)
• PNC Bank  (up to 365 days from the last date of attendance**)
• Sallie Mae  (no more than 365 days from the date the aid period ended to the date of the first disbursement on the loan*)
• SOFI  (up to 365 days from the last date of attendance**)
• Thrivent  (up to 90 days from the last date of attendance**)
• Union Federal  (up to 90 days from the last date of attendance**)

* Last Date of Attendance is the last day you were enrolled for the semester. To be certified, your loan must fall within the lender’s allowed time frame.

** End of the Aid Period means that your loan must be disbursed within 365 days from the end of the term when the balance was incurred.

Disclaimers:  

• Loans for past-due balances can only cover previous term balances and cannot include or be combined with current enrollment and current charges or exceed the amount you have past due.
• Lenders have different time limits for past-due balances—some allow 1 month, while others allow up to 1 year. Check with your lender to confirm your eligibility.

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 As a borrower, you have the right to select any lender you choose and Millersville University Office of Financial Aid will be happy to process any loan for students.  Other lenders may have the same eligibility allowances as those listed above.  Please be sure to check with the lender if you have questions regarding eligibility requirements.

Applying for a private student loan can help bridge the gap between your financial aid and the total cost of your education. It can also supplement when federal and state aid are not an option.

If any of the following apply to you, a private loan could help fill the gap.

• Your financial aid isn’t enough to cover your full bill with the Office of Student Accounts.
• You need extra funds for educational expenses like books, housing, or meals that aren’t covered by other aid.
• You’re not meeting Satisfactory Academic Progress (SAP) requirements.
• You’re not enrolled in a degree-seeking program but are still taking classes.
• You’re in a certificate program that isn't eligible for federal aid.
• You have a past-due balance from a previous semester.

Here’s what you need to know to ensure a smooth application process for the 2025-2026 aid year:

When to Apply:

• Apply within 180 days of the semester start date.
• Schedule all your courses before applying to avoid issues with credit approval.
• Applying too early could result in your credit approval expiring, which would require you to submit a new application.

Paying for college can be challenging, but there are several options to help bridge the gap between your financial resources and the cost of education. Every family’s financial situation is different, so the right financing plan will vary.

Explore Your Options

We’ve provided a link to a list of lenders commonly used by Millersville University students and parents. If your preferred lender isn’t listed on ELM Select, contact them directly for application and disclosure details.

Things to Keep in Mind:

• It’s up to you to evaluate the pros and cons of each loan option and choose what best meets your needs.
• Most private loans require a credit-worthy cosigner.
• Carefully review the product details for each loan, especially if you don’t qualify for federal aid.
• If you have unique circumstances (like less than half-time enrollment, non-degree status, SAP issues, or past-due balances), check out our section on Loans for Special Circumstances.

Click Here to View Private Education Loan Lenders

Your Choice of Lender

You can choose any lender, even if they’re not on ELM Select. Millersville University’s Office of Financial Aid will process your loan regardless of the lender you select. Just be sure to confirm eligibility requirements directly with your chosen lender.

Your loan will always be processed based on the loan period you select on your application. However, if we have questions about the loan period selected, your loan will remain unprocessed until we receive clarification.

• Check your Financial Aid Requirements in MAX to see if we need more information.
• If additional details are needed, email our office to resolve the issue.

Professional Judgement: In some cases, professional judgment may be used to benefit and act in the best interest of the student. Some examples are:

• Adjust the loan period to preserve interest subsidies on federal loans.
• When a loan term is not specified or it is clear the wrong loan period was selected, your loan period will default to the full academic year in which you are enrolled at the time we certify the loan or the period that benefits the student the most. 

To avoid having your loan certification on put hold or a professional judgment from being used, follow the guidelines below based on your total enrollment for the academic year:

💡Pro Tip: The academic year spans the Summer, Fall, Winter, and Spring semesters.

Summer Only: 05/2025 - 08/2025

Select this option if you are graduating at the end of the summer emester or if you do not have the Subsidized Student Loan Offered to you.

• 📢 There are multiple summer sessions but only one disbursement date. Make sure to calculate how much you will need for all courses you plan to be enrolled. If you need help, email us. 
• 💻 Apply after April 15, 2025.

Summer/Fall: 08/2025 - 12/2025 

Select this option if you will be enrolled for the summer and fall semesters. If you are graduating, contact our office so we can make sure your federal loans are accurate before you apply.

• 📢 There are multiple summer sessions but only one disbursement date. Make sure to calculate how much you will need for all courses you plan to be enrolled in, including fall. If you need help, email us. 
• ⚠️ Avoid applying per semester if you have been offered a Subsidized Student Loan, as you will risk losing the interest subsidy. 
• 💻 Apply after May 1, 2025.

Summer/Fall/Spring: 05/2025 - 05/2026 

Select this option if you will be enrolled for the entire academic year.

• 📢 There are multiple summer sessions but only one disbursement date. Make sure to calculate how much you will need for all courses you plan to be enrolled in, including fall and spring. If you need help, email us. 
• ⚠️ Avoid applying per semester if you have been offered a Subsidized Student Loan, as you will risk losing the interest subsidy. 
• 💻 Apply after May 1, 2025.

Fall/Spring: 08/2025 - 05/2026 

Select this option if you will be enrolled for the standard academic year.

• ⚠️ Avoid applying per semester if you have been offered a Subsidized Student Loan, or you will risk losing the interest subsidy. 
• 💻 Apply after May 1, 2025.

Fall Only: 08/2025 - 12/2025

Select this option if you will be enrolled for the Fall semester only.

• Apply after May 1, 2025.

Winter Only: 12/2025 - 01/2026

Typically, students don't know if they plan to take winter classes when they apply for their loans at the beginning of the year. No worries!

• 🗣️Check with your lender to see if you can increase your existing loan.
• 🆕If you need to apply for an additional one, use the winter-only loan period. 
• 💻 Apply after October 1, 2025.

Spring Only: 01/2026 - 05/2026

Select this option if you will only be enrolled for the Spring semester.

• 🧑‍🏫 Spring-only loans are typically used by Transfer Students or New Students beginning their enrollment at the end of the academic year.
• 💻 Apply after October 1, 2025.

Tips for Borrowing:

• If you’re unsure how much you’ll need, it’s okay to estimate—we can help you figure it out based on your enrollment and housing plans.
• Interest only accrues on the amount disbursed to the school.
• If you borrow more than you need, you can return the extra funds to Millersville University, and we’ll send it back to the lender as if you never borrowed it.

Important Reminder:

It’s EXTREMELY IMPORTANT to select the correct loan term dates to ensure accurate processing. Choose wisely to avoid delays or issues with your loan disbursement.

To figure out how much to borrow, compare your financial aid award with your expenses. The maximum loan amount you can receive is calculated by subtracting your total financial aid from the Cost of Attendance.

Why Apply for the Whole Academic Year?

The entire academic year really means the total number of semesters you plan to be enrolled. This can vary case by case, but some examples are: summer/fall/spring, summer/fall, fall/spring, or any other type of combination. Fall/spring is the most common period of enrollment.

Millersville's Academic Year (AY) is from May to May. Here are some benefits of applying for a loan that applies to the entirety of your enrollment that AY: 

• You only go through the application process once a year and just need to clear your bill each semester.
• It reduces the number of credit checks, which helps protect your credit score.
• If you need extra funds in the Fall, you’ll likely need them in the Spring too. Applying for the full year helps you avoid gaps in funding.

How to Estimate Your Loan Amount:

This example is based on a student being enrolled in the fall/spring and taking approximately the same number of credits each semester.

• Take the amount you need for the Fall semester and multiply it by two to estimate your yearly needs.
• When completing your application, select the loan period from August to May to cover the full academic year.

If a student is enrolled in summer/fall/spring, complete the same process as above and then add the total charges for summer to that amount. Select the loan period May- May.

Important Note:

Increases in loan amounts are NOT available after your loan is processed. If you need more funds later, you’ll need to submit a new application with your lender.

If you need help estimating your expenses or figuring out how much to borrow, contact our office for assistance!

You can apply for a private student loan directly through the lender of your choice. Applications are available on the lender's website. If you have any questions about the application process, please contact the lender directly.

Application Process & Timeline:

1. Complete the Self-Certification:

   • Federal regulations require you to complete a self-certification form if it wasn’t done during the application process.

2. Loan Approval & Certification:

   • Once approved by the lender, your loan information is sent to Millersville University for certification.
   • Certification typically takes 5-10 business days, depending on the volume of loans we are processing.

3. Approval Disclosures:

   • After certification, the lender will send you an approval disclosure. You must respond to this disclosure to proceed.
   • The lender will then send a final (third) disclosure. You will have 3 business days to rescind (cancel) the loan if needed.

4. Final Approval & Disbursement:

   • You must complete ALL required documents with your lender, and Millersville University must receive final approval before your loan can be credited to your semester bill.
   • If your loan is listed on your financial aid award but isn’t showing as a credit on your bill, contact your lender first to check on the status of your documents. No exceptions will be made.

Applying for a private loan can take time, so be sure to start early and stay on top of all required steps!

Processing times depend on when you apply and the loan period you select. Here’s what to expect:

• Standard Processing: Allow 2-4 weeks once the lender notifies Millersville of your eligibility.
• Peak Times (April-September): Allow 4-6 weeks due to high application volume.

Certification Process:

• Applications are processed in the order the Office of Financial Aid receives them after credit approval from the lender.
• To be certified, you must have your enrollment confirmed and no outstanding requirements with Millersville University.
• Once the loan is certified, the lender is notified and will then send final approval back to the school.

Checking Your Loan Status:

You can track the amount borrowed and the disbursement status on your lender’s website. If you have any questions about your loan’s progress, check there first!

All loans disburse after the first week of classes, once the add/drop period ends.

Exceptions for Study Abroad Students:

Early disbursement is only available for students studying abroad if all of the following conditions are met:

• The student requests early disbursement in a timely manner.
• Proof of study abroad enrollment is provided.
• Documentation of departure date and time is submitted.

Note: The earliest disbursement is 30 days before your departure date. No exceptions will be made to this policy.

Application and Solicitation Disclosure Forms as required under Title X of the Higher Education Opportunity Act. Please click on the link ELM SELECT for the private student loan information, Loan Application and Solicitation Disclosures where they list their conditions, fees, and interest rates.

Millersville University is committed to providing students and their families with honest and unbiased information about student loans. To ensure there are no conflicts of interest between university staff and education loan lenders, Millersville University follows these strict guidelines:

• No Revenue-Sharing Agreements:
  Millersville University does not participate in revenue-sharing with any lender. This means the university receives no financial benefit from recommending or promoting any lender’s loans.

• No Gifts or Compensation:
  Officers, employees, or agents involved in student loans cannot accept gifts of more than a nominal value from any lender, guarantor, or servicer. This includes money, goods, or services. Additionally, they cannot receive payment or financial benefits (like stock options) from lenders for consulting or providing services related to education loans.

• No Advisory Board Influence:
  Staff members cannot accept anything of value for serving on a lender’s advisory board, commission, or group. However, they may receive reasonable reimbursements for travel or expenses related to participating in such groups, as long as these reimbursements come directly from the lender.

• No Lender Assignment for Borrowers:
  Millersville University does not assign a lender to any first-time borrower, whether through financial aid packaging or other means. Students are free to choose any lender they wish to finance their education.

• No Loan Certification Bias:
  The university will not refuse, deny, or delay loan certification based on a student’s chosen lender or guarantor. All loans are processed equally regardless of the lender selected by the student.

• No Offers of Funds or Staffing Assistance:
  Millersville University will not request or accept offers of funds from any lender in exchange for loan volume, Title IV loans, private loans, or preferred lender status. Additionally, the university will not accept staffing assistance for the financial aid office or call center from any lender.

These guidelines maintain integrity, transparency, and fairness in student lending, ensuring students receive impartial financial aid information and can make the best financial decisions for their education.

Lyle Hall, 2nd Floor, Room 241

Office Hours:
Standard: Mon.-Fri. 8:00 am to 4:30 pm (mid-August to mid-May)                                                                Summer: Mon.-Fri. 8:00 am to 4:00 pm (mid-May to mid-August)

Call Center Hours:
Available by Phone: Mon.-Fri. 8:00am to 6:00pm 

Phone: 717-871-5100                           
Fax:  717-871-7980 
Email: fa.mail@millersville.edu

USPS Mailing Address:
Office of Financial Aid
Millersville University
P.O. Box 1002
Millersville, PA 17551-0302

Address for UPS/FedEx:
Office of Financial Aid
Lyle Hall, 2nd Floor
40 Dilworth Rd
Millersville, PA 17551-0302