Alternative Financing Options


IMPORTANT: New Private Loan regulations now in effect. Click here for more info.

An alternative loan is a private loan in the student’s name which, depending on the applicant’s credit worthiness, may require a co-signer. Students may use the loans to pay for the remainder of their college tuition and fees and other living expenses (books, housing, transportation, and personal expenses). If a student is applying for a loan to finance non-Pace housing, they must provide the Office of Financial Aid with a copy of their lease prior to submitting the loan application. 

Payment and interest may be deferred until to 6 months after graduation, or at least as long as the student is enrolled part-time. Interest charges will begin once the funds are dispersed to the university. It is strongly suggested that students try to make the interest payments in order to avoid principal cost increases.
 
Before you begin the application process, we recommend you obtain a credit report. Even if you already have one, it is always better to get the most up-to-date report possible. The three major credit bureaus providing credit reports are:
 
It is the student’s responsibility to follow up with the lending institution to ensure that they have received all requested documents needed to finalize the loan. Loans must be certified by a counselor at Pace University’s Office of Financial Aid in order to complete the loan process. If you are dissatisfied with your lender, please inform the Office of Financial Aid.