Alternative Loans for Graduate Students
Emerson does not refer or recommend Alternative Loan lenders to students and/or parents. While we understand that you may have questions, we believe you have the right and ability to seek the education loan provider of your choice. It is recommended that students utlitize their full Direct Loan (subsidized or unsubsidized) eligibility before using alternative or private loans.
ElmSelect is a tool to compare loan products. Emerson College has decided upon these loan products criteria in an effort to provide students with information about loan programs that are not only cost effective, but are also accessible to credit worthy families. This list of lenders is by no means all inclusive. Families should feel free to choose a lender that best meets their specific needs whether that lender is on this list or not. Emerson will certify private education loans through any lender regardless of whether they appear on this list. Please note that lender information is subject to change without notice. Families should always check with the lender directly for up to date information. Please be advised that any lists provided by Emerson College are not exhaustive and borrowers have the option of borrowing under any loan program.
If you would like a starting reference of where to research lenders that are participating in the educational lending market, we suggest that you talk to your current banking relationships to see if they offer any education loan programs and benefits for their customers.
You can also contact your home state’s educational financing agency (you can often find them through a quick online search). In New England, the higher education financing agencies are:
Here are some things you might want to consider when deciding what loan is best for you:
- What is the interest rate based on: prime rate, Libor, something else?
- How long is the repayment period?
- What are the fees?
- Does the lender offer any repayment benefits?
- Who is the borrower of the loan? Will I need a co-signer?
- Is the loan deferred while the student is in school?
You should also compare interest rates, fees, borrowing limits, and credit requirements.
Most lenders require the student to be enrolled at least half-time in a degree-seeking program. Most loan proceeds are disbursed directly to the student’s account at Emerson College.
All private education loans require the student to complete a self-certification form directly with the lender. Most lenders will require this form as part of their process to be completed before the loan is sent to Emerson for certification. Some lenders however will require the form be completed after Emerson certifies the loan. Please be aware of this as borrowers may have steps to complete directly with the lender after Emerson certifies the loan.