Options to Consider Before Applying
for an Alternative Loan
Here are some points to think about:
Elm Select is a lender comparison tool. Through Elm Select, students and parents can research the terms and conditions of 8 different lenders and choose the loan that best fits their personal financial situation, educational goals and objectives. Please refer to Elm Select at www.elmselect.com. However, if you wish to use another lender not listed here, you have the right to do so. Each Lender has different enrollment criteria. Please be sure to indicate your status correctly in order to avoid delays or errors in lender choice.
Still considering a Private Loan? To understand the full impact it will have on your financial aid package and your budget click here.
Federal regulations now require additional steps to be taken during the loan application process. Students must now acknowledge three separate disclosures notices and complete a student Borrower Self-certification form with information that can be obtained from your Keene State College Award Notification Letter. To assist you through this process, we recommend that you:
Effective February 14, 2010, the Higher Education Opportunity Act (HEAO) requires that before a private educational lender may consummate a private education loan for a student in attendance at an institution of higher education lender must obtain the completed and signed Borrower Self-Certification Form from the applicant. Loan funds will not be released to the school until the Private Education Loan Applicant Borrower Self-Certification Form is complete and submitted to the lender. The form requires two key elements:
The Financial Aid Office will not certify a Private Loan until the borrower's file is 100% complete with the lender. Borrowers should verify with their lender that all required documents have been completed and received.
If Keene State College receives an Alternative Loan certification request and the financial aid process has not been completed, the certification request will be held until the student has been awarded financial aid unless the student wishes to withdraw from the federal financial aid process. To withdraw from the federal financial aid process, please submit your request in writing for your alternative loan to be processed.
Holding certification of an Alternative loan may result in an expired credit check approval. Credit approval generally expires every 90 days. Credit may need to be rechecked by the lender if the Alternative loan has not been certified by KSC within the first 90 days.
Below is additional information regarding our Suggested Lender Selection Criteria, our Code of Conduct and our Disclosure Statement for Private Lending:
Applying for an Alternative Loan