Private (Alternative) Loans

SB 1289 Disclosure: What do I need to know before applying for a loan?

Students considering student loans need to be aware of the differences between federal student loans and private student loans:
Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans, as well as loan forgiveness benefits that private lenders are not required to provide.

Federal direct loans are available to most students regardless of income. Other qualification criteria do apply. For more information, please visit

Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions.

The interest rate on a private loan may depend on the borrower’s and/or co-signer’s credit rating.

Private student loans have a range of interest rates and fees and students should determine the interest rate of, and any fees associated with, the private student loan included in their financial aid award package before accepting the loan. Students should contact the lender of the private student loan or their university campus’ financial aid office if they have any questions about a private student loan.

Private Loan Lender List

TILA: Truth in Lending Act Disclosure




Charter One TruFit Student Loan

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Credit Union Student Choice

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cuStudentLoans cuScholar Private Student Loan

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Discover Private Loan

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Kinecta Federal Credit Union Student Loans

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Sallie Mae Smart Option Loan

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SunTrust Custom Choice Private loan

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Union Federal Private Student Loan

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Wells Fargo Private Loan

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The above list is in alphabetical order.

* The private education line-of-credit administered by Credit Union Student Choice is not a traditional private education loan. The TIL/Reg Z legislative requirements, including SB 1289, do not apply to lines of credit. Traditional closed-end, private (alternative) loans have a specific start and end date within a given academic year. Lines of credit are revolving and therefore do not fall under closed-end loan classification.

PLUS vs. Private Loan Comparison