As a member of the National Association of Student Financial Aid Administrators (NASFAA) we adhere to their Statement of Ethical Principles and Code of Conduct. In addition the University has adopted the Connecticut Code of Conduct.
As of July 1, 2010 all colleges and universities are required to process federal student and parent loans through the governments Federal Direct Loan Program. Private lenders no longer participate in the federal loan programs however they may still offer Private Alternative loan programs.
Private Alternative loans can have higher interest rates, fees, and varying terms that may be less favorable than those terms and conditions available with the federal loan programs. These loans are based on the Prime Lending Rate or the LIBOR index which fluctuate throughout the year. Private Alternative loan programs require credit checks and often require a credit-worthy co-signer for the loan to be approved.
The University of New Haven does not provide a recommended lender list for Private Alternative loans, nor do we suggest one lender or loan program over another. We encourage students and parents to research all private loan options carefully as interest rates, fees, terms and conditions can vary widely.
Although the University of New Haven does not provide a recommended lender list for the Private Alternative loans, students and parents inquiring about these loans may view some of the options currently available at finaid.org. This is an independent website with no lender or financial service affiliations. Finaid.org offers unbiased information on several of the current Private Alternative Loans available today. We suggest you visit the individual lender websites provided on the finaid.org list for the most updated terms and conditions of the loan programs.
In addition to the list offered by finaid.org, families may wish to check with other lending institutions to find a lender that offers the best terms and conditions based on the needs of the borrower and co-signer. There are agencies in some states that also offer competitive Private Alternative Loan programs. You may wish to select a local bank, credit union, or lender with whom you have an established relationship or you may search the internet to find a lender that best fits your needs. Students and parents have the right to select a lender of their choice. Students and their families will not be penalized in any way for choosing the lender of their choice. Neither the University nor its employees receive any form of compensation from a lender for inclusion on the finaid.org list.