Screenshot of LionPATH communication - loan for previous balance

Private Alternative Loan for a Previous Balance

Private Alternative Loan for a Previous Balance

Federal or institutional sources usually are not accessible to cowl a stability from a earlier semester. There are personal different loan lenders that may permit to your borrow a loan for a interval throughout the earlier 12 months (one year).

Previous semester stability

Sometimes you’ll be able to finish a semester with a stability owed as a consequence of adjustments in your help eligibility or adjustments to your tutorial standing.

Select a Lender

Neither Penn State nor the Office of Student Aid promotes, endorses, or recommends any loan merchandise or lenders. You have the best to pick the choice lender of your selection. Your bank, credit union, or different monetary establishment is usually a good place to begin your seek for a good different loan lender. You also can search for web sites that present a listing of other loan lenders and a fundamental comparability chart that highlights the important thing traits of the foremost personal training loans comparable to finaid.org.

Eligibility, charges, phrases, and situations will fluctuate in line with lender. Some of the most typical necessities are that the borrower is enrolled in a level program and is enrolled no less than half-time. The rate of interest that you’re provided can be dependent in your credit worthiness.

Select a loan time period

It is necessary to pick the proper loan time period. To cowl a stability for Summer 2019, you have to to pick the loan time period from the 2018-19 tutorial 12 months, not the 2019-20 tutorial 12 months. We usually are not in a position to right the loan time period of a personal different loan software.

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Processing the loan

If you apply for a loan for a previous tutorial 12 months, the applying can be positioned on maintain and we’ll ship a communication to your Penn State e-mail notifying you that the loan certification request has been forwarded to us out of your lender.

Screenshot of LionPATH communication - loan for previous balance

Contact our workplace to confirm that you simply did intend to use for a earlier interval of enrollment. We will course of the loan and it’ll present in your Award Summary inside roughly one to a few enterprise days. Once the loan exhibits in your Award Summary, you have to to simply accept the loan to ensure that the loan to look as a credit in your invoice.

If you now not have entry to LionPATH, contact our workplace after your loan is authorized and we’ll help you with finishing the loan course of.