Private Alternative Loans
If you are a new student or a first-time borrower, please consider all financing options prior to borrowing through a student alternative loan program. You may also visit the student alternative loan information page for more information and to access an online interactive calculator to assist you in selecting a program that's right for you.
If you are a current student and have borrowed through the LVC LegacyLoan (also known as First National Bank of PA) or the Edamerica Xtra Credit Loan in previous years, you may access the links below to apply for next year. Please also feel free to use the online interactive loan calculator to select another alternative loan program.
- Private alternative loans are available to full and part time undergraduate and graduate students as a resource to pay for educational costs.
- Students may borrow up to the cost of attendance minus the other aid the student will receive. In other words, the student may borrow funds necessary to cover any balance remaining after other aid has been applied against charges.
- Debt is in the student name with repayment of principle typically beginning 6 months after graduation or cessation of half time enrollment. Interest, however, is assessed during periods of enrollment.
- Unless the student has established a good credit history, a credit-worthy co-signor will be required.
LVC LegacyLoan - Alternative Loan Program specifically for LVC students
- Lebanon Valley College recommends the LVC LegacyLoan (formerly known as the Undergraduate Alternative Loan for LVC Students). Both undergraduate and graduate students are eligible to apply for this loan. The interest rate is calculated as the prime lending rate plus 0%, with a 5% origination fee deducted from the loan amount. Repayment of principal begins 6 months after graduation and may extend up to 20 years depending on the amount borrowed. A credit-worthy co-signor will be required for dependent students. You may apply online or contact the Financial Aid Office at 717-867-6126 for more information or to request a paper application. For 2008-09, you may apply on-line beginning April 1.
Edamerica Xtra Credit Loan - Alternative Loan Program
- Lebanon Valley College also recommends the Xtra Credit Alternative Loan. It is designed exclusively for undergraduate and graduate students at least 18 years of age. You may apply online or call 1-800-337-1009 to apply by telephone. For 2008-09, you may apply on-line beginning April 1.
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