Alternative Loans (Private Loans)

Private Loans:

You should apply for all the financial assistance you're eligible for, scholarships, grants, and federal loans, before considering a private, alternative, or non-federal loan. Molloy encourages our students to exhaust all federal loans before looking at private loan options.

Federal loans may be less costly than private loans Private loans could come from a bank or any other education loan provider. Usually, interest rates, terms, conditions, and eligibility requirements will vary with private loans. Some private loans do not offer full deferment options. Some private lenders may require minimum monthly payments while you are in school. They may also consider federal education loan borrowing in determining the amount of annual as well as aggregate limits you may borrow.

Molloy University recommends that you review borrowing options through the federal aid programs first and then evaluate the alternative loan options available. Before taking on an alternative loan, considering your educational investment at Molloy University, as well as your long-term financial commitments. 

To find private lenders please contact the Financial Aid Office for more information, or visit ELMSelect

Once in ElmSelect please follow the instructions below: 

  • Fill in School Name, choose program type, and type e-mail address then begin a search 
  • A list of preferred lenders that enables you to compare each lender's benefits and services to make an educated decision on a private loan

Molloy University has partnered with Sparrow  to provide additional options for finding a Private Loan Lender. Sparrow allows you to check real rates at more than 15 student lenders through one application. 

Contact Us

Have questions about anything here? Feel free to drop us a quick note!

Of course, feel free to Contact Us.

Office of Financial Aid
1000 Hempstead Avenue Wilbur Arts Building, Second floor, Room W236 Rockville Centre, New York 11571-5002

516.323.4200

Office-of-FinancialAid@molloy.edu