Private loans are offered through private agencies or lending institutions other than universities or the federal government—namely, banks. Private loans, often referred to as alternative loans, are alternatives to Federal Direct Loans.

Who Can Borrow?

• Students (and parents) who are U. S. citizens
• Permanent U. S. residents
• International students (with an eligible U. S. citizen or permanent-resident co-signer)
• In special cases, non-matriculated students** 

We recommend that you choose your lender wisely, paying attention to the varying rates and benefits offered by each. We have compiled a Private Loan Lender List to assist you in learning more about private lenders and their loan application guidelines, interest rates, maximum amounts, repayment terms, and more.

Following are our guiding principles:

• As an NJIT student, you have the right to choose a private lender regardless of whether the lender is on the Private Loan Lender List.

• The lender list was compiled by SFAS and other appropriate staff within NJIT’s Student Affairs and Legal Department. The list contains lenders who meet the Minimum Services and Products Required from Lender Partners criteria, which NJIT has in place in order to best service you and your parents. We alert you and your parents to pay particular attention to benefits you will receive during the repayment process. Our staff is available to answer your questions, and we want to be sure that you understand all your rights and responsibilities and that you know whom to contact with your borrowing questions.

• The key factors we use for reviewing and selecting lenders are as follows:
  • Service
  • Benefits
  • Application fees
  • Default rate
  • Second-credit review program
  • Past-due balance feature
  • Technological initiatives
  • Sale of loan

• We encourage you and your parents to do your own research on any lender you may want to use.

• NJIT subscribes to the Statement of Ethical Principles, developed by the National Association of Student Financial Aid Administrators, and the NJ Student Loan Code of Conduct.

• All loan policies, procedures, and the lender list are reviewed regularly by representatives of NJIT. You can also contact us with other specific policy questions you may have regarding loan processing.

**The federal government requires that you be officially accepted and enrolled in a degree-granting program (i.e., "matriculated") in order to receive financial aid (such as a Federal Direct Loan); however, some private lending institutions do not require matriculation for loan eligibility.