Private (Alternative) Education Loans

A variety of private lenders offer private or alternative education loans, which may be borrowed by students or sponsors to help finance a student's education. Gonzaga University encourages students to:

Students may choose to borrow from federal loans only, private loans only, or a combination of both, depending on their individual circumstances.

Private (Alternative) Loan Basics

  • Private educational loans are based on creditworthiness.
  • Most lenders require a credit-worthy cosigner for undergraduate borrowers.
  • Some lenders may offer cosigner release options after certain repayment and credit requirements are met; terms vary by lender and are not guaranteed.

Using ELMSelect to Find Lenders

Gonzaga has compiled a historical list of private education loan lenders, which is available through ELMSelect, a third-party loan comparison website.

  • Students may select any lender without penalty, whether or not the lender appears on the ELMSelect historical list.
  • If you are interested in borrowing from a lender not listed on ELMSelect, contact the lender directly to confirm that they offer student loans.

Non-Certified Loans

Some lenders may offer private educational loans that do not require school certification.

  • Borrowing these loans may have a serious negative impact on your existing financial aid package.
  • Always contact Gonzaga's Financial Aid Office before borrowing these loans.

Gonzaga's Role in Private (Alternative) Loans

  • Gonzaga will process loans from any private lender chosen by the student.
  • The University does not recommend or endorse any specific lender.
  • Gonzaga adheres to a student loan code of conduct.
  • Please contact Gonzaga if you have any questions about federal or private loan processes or your borrowing options.