Private Alternative Loans

Private Alternative Loans

Private alternative loans can help students and families cover educational expenses when federal financial aid does not fully meet their needs.

Private loans should generally be considered after federal student aid options have been reviewed. Federal loans may offer benefits and protections not typically available through private education loans, including income-driven repayment plans and certain deferment or forgiveness provisions.

Because private loans are credit-based, approval, interest rates, and repayment terms are determined by the lender.

Before You Borrow

Private loans are a long-term financial commitment. We encourage borrowers to:

  • Borrow only what is needed.
  • Compare multiple lenders and loan products.
  • Review interest rates, fees, repayment terms, and borrower benefits carefully.
  • Be cautious of unsolicited or misleading loan offers.

Borrower Information

Eligibility

Private alternative loans may be available to:

  • Degree-seeking students enrolled at Tulane University.
  • Students who need funding beyond their federal aid eligibility.
  • International students who have a creditworthy U.S. citizen or permanent resident co-signer, if required by the lender.

The maximum amount Tulane can certify is the students Cost of Attendance minus all other financial aid and resources received.

How to Apply

Students or parents apply directly with the lender of their choice.

When completing an application, you will typically need to provide:

  • Requested loan amount
  • Loan period (academic year or semester)

Most lenders allow borrowers to complete the application and promissory note electronically.

Recommended Timeline

To help ensure funds are available by the start of the fall semester, applicants are encouraged to complete the loan application process by July 1.

Loan Certification

After a lender approves your application, the lender requests certification from Tulane.

During certification, the Office of Financial Aid verifies:

  • Enrollment eligibility
  • Loan period
  • Financial aid received
  • Maximum allowable borrowing amount

Tulane can only certify loans that have been approved by a lender.

Private Education Loan Self-Certification Requirement

Federal law requires borrowers to complete a Private Education Loan Applicant Self-Certification Form before a private education loan can be disbursed.

This requirement was established under the Truth in Lending Act (TILA).

Your lender will provide instructions and the required form during the application process.

Failure to complete the self-certification requirement may delay your loan disbursement.

Choosing a Private Loan Lender

You may choose any lender that offers educational loans. Tulane does not require borrowers to use a lender from any suggested lender list.

When comparing lenders, consider the following:

  • Interest rate (fixed or variable)
  • Origination or repayment fees
  • Repayment term length
  • In-school payment options
  • Deferment and forbearance options
  • Co-signer requirements
  • Co-signer release options
  • Minimum and maximum borrowing limits
  • Enrollment requirements
  • Borrower benefits and discounts

We encourage families to compare lenders carefully and select the option that best meets their financial needs.

Interest Rate Information

Private loan interest rates are established by each lender and are generally based on:

  • Creditworthiness
  • Presence of a co-signer
  • Current market indexes

Many private education loans use a variable rate tied to a market index such as the Secured Overnight Financing Rate (SOFR) (opens in a new tab).

Borrowers should review lender disclosures carefully to understand how interest rates may change over time.

Compare Lenders

Borrowers are encouraged to review lender’s current rates, terms, disclosures, and borrower benefits.

This information may be viewed on the lender’s website or ELM Select (opens in a new tab) for those lenders participating in this program.

Historical Lender Information

The following private lenders provided loans to Tulane students over the past four completed academic years:

*These lenders may offer alternative loans to eligible non-citizens (international students) who have a credit-worthy U.S. citizen co-signer

Using a Lender Not on Tulanes Historical Lender List

Borrowers may select any eligible private education lender.

If your lender is not included in Tulanes electronic processing network, the lender will provide instructions regarding required application and promissory note documentation. Tulane will certify and process the loan in accordance with lender requirements and applicable regulations.

Receiving Your Loan Funds

Most private lenders disburse funds electronically to Tulane.

Academic Year Loans

Loans covering the full academic year are generally disbursed in two installments:

  • Fall semester
  • Spring semester

Single-Semester Loans

Loans for one semester are generally disbursed shortly before the start of that term, provided all lender and university requirements have been completed.

Funds are applied directly to the students university account.

Nursing Students: LCMC Pipeline Program

The Louisiana Childrens Medical Center (LCMC Health) offers the Healthcare Profession Pipeline Program for eligible Tulane School of Nursing students.

Additional information, including program eligibility and disbursement details, is available through the LCMC Pipeline Program materials (opens in a new tab).

Code of Conduct

Financial Aid staff adhere to the University’s Financial Aid Code of Conduct (opens in a new tab) required by the Higher Education Opportunity Act, the NASFAA Statement of Ethical Principles and Code of Conduct, and applicable Tulane University policies.

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