Financial Aid - Educational Loans
Alternative Loans
What is an Alternative Loan?
Alternative loans, also commonly referred to as private loans, are commercial loans offered by banks and other private lenders as an option to help cover the difference between the cost of education and the financial aid received. However, students should exhaust all federal loan options, such as the Federal Stafford Loan, prior to considering or applying for an alternative loan.
Loan Restrictions
Students must be a U.S. Citizen or permanent resident and be enrolled at least half-time. A co-signer is required for a student who has not yet established credit or who has a low credit score.
Interest Rate and Other Fees
Interest is a variable rate (adjusted quarterly) and is based on credit of the borrower and co-signer. Loan fees range from 0%-10%, depending on credit.
The Federal Stafford Loan has a fixed interest rate of between 6-6.8%, a loan origination fee of 1%, a default fee of 1% and is not dependent on credit. Every student who applies for a Federal Stafford Loan is eligible to receive one, assuming the student is enrolled at least half-time. Students are expected to have exhausted all of their federal loan options, such as the Federal Stafford Loan, prior to applying for a private loan.
Selecting a Lender
Choosing a lender is an important decision, one that will affect you for the life of your loan. If you have no prior Alternative Loans, we recommend you borrow from one of the lenders listed. These lenders have provided excellent service, competitive borrower benefits, and reliability to Pitzer students and parents. We provide this list to assist you in your selection, but you may choose any participating lender you wish. Please note that neither Pitzer College nor any of its employees receive benefits of any kind from any lender in exchange for being included on this list of preferred lenders. To view a list of Pitzer College’s preferred lender list, click here.
How Much Can I Borrow?
Students can borrow up to the full cost of education, minus any financial aid.
Steps to Applying for a Private Loan
- Contact the Financial Aid Office to confirm that you have exhausted all federal loan options. E-mail us at: financial_aid@pitzer.edu or call us at: (909) 621-8208.
- View a list of Pitzer’s Preferred Alternative Loan lenders and apply online.
Please note: the Financial Aid Office will not certify your private loan application if you have been packaged with a federal loan and have not fully exhausted these borrowing options first.
Financial Aid Office
Scott Hall
1050 N. Mills Avenue
Claremont, CA 91711-6101
Phone: 909-621-8208
email: financial_aid@pitzer.edu
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