Illuminating Financial Aid: Private Alternative Loans
Your financial aid counselor is here to help you through the entire process
Following the passage of the One Big Beautiful Bill Act, some federal aid resources such as Parent and Graduate PLUS loans have introduced smaller loan limits, meaning that students will have less access to borrowing directly through the federal government during the 2026-2027 academic year.
Private Alternative loans offer an additional option for undergraduate and graduate students seeking funding. Before considering alternative funding sources such as private loans, make sure that you have applied for financial aid at Bryn Mawr and through the federal government if eligible.
Apply for Federal Aid
US Citizens, permanent residents and select other students are eligible for federal aid. Apply through the Department of Education's website below.
Private alternative loans are used when a student needs additional help to bridge a gap in funding after receiving federal and institutional aid.
Private Loan FAQs
Read some of the most commonly asked questions students ask when seeking alternative funding sources
Bryn Mawr offers access to ELM Select, an online tool that allows to review the lenders students at Bryn Mawr tend to use.
- Using ELM Select, you can compare lenders by interest rate, repayment terms, and several other categories to make the best choice for your finances
Once you decide on a lender, apply directly on their website.
Please note, you are not required to use ELM Select to choose your lender. You can also use lenders that you find independently such as a local credit union. Just send us an email at finaid@brynmawr.edu and we’ll guide you through the whole process.
There are several factors that can make a lender more or less attractive for a borrower
- Fixed vs. variable interest rates- A fixed rate loan maintains the same interest rate for the life of the loan whereas a variable rate loan can change rates within a defined range (between 4% and 8% for example).
- Repayment terms- Some lenders require you to start paying immediately while you are in school, while some allow you to defer until you have left school.
- Loan fees, consolidation terms, and refinancing- Loans often have additional costs such as origination fees (an additional cost that is a certain percentage of the loan amount) or other associated fees. You may or may not be able to consolidate private loans depending on terms.
- You should only borrow what is necessary and you are able to pay back.
- You can borrow private loans up to the cost of attendance (COA) minus any other financial aid you receive.
- The cost of attendance includes both direct costs (costs billed by the College such as tuition, housing and food, and fees) as well as indirect costs (costs not billed by the college such as travel expenses, books, and other expenses).
- If you find that you have less need for loans than expected, you should speak to your lender about cancelling part of your loan. If you cancel your loan, make sure to reach out to the office of financial aid.
Generally, lenders will require a cosigner who is a US citizen or permanent resident who has good credit history.
Keep in mind that your cosigner shares responsibility for repayment of your loan. If you do not pay your lender, your cosigner is equally responsible for making payments on your loan.
Looking for private alternative loan options?
Visit ELM Select to compare different lenders, you can compare lenders by interest rate, repayment terms, and several other categories to make the best choice for your finances