Private Loans and Credit Bureau Information
Office of Financial Resource Management

Private loans, also known as alternative loans, are available for students who require additional funding. The student may borrow the difference between the Cost of Attendance and any other financial aid received (including federal loan sources).

Applying for a Private Loan
You may borrow a private loan up to the amount listed on your award letter. Before borrowing a private loan, we encourage you to create a budget and seriously consider the minimum amount you will need to meet your basic expenses while in law school. We encourage you to check out various “in-school budget calculators”, such as the one available at www.accessgroup.org. 

You must reapply each year for a private loan. There are many lenders that offer private loans, but many of Seton Hall Law students utilized one of the lenders listed on our Lender Comparison Chart.

You may also want to consider a Federal Graduate Plus Loan as an alternate to a Private Loan.  Access our Federal Grad Plus/Private Loan Comparison sheet.

Your Credit Counts!
Private loans are based on the student’s credit history. If you plan to utilize a private loan for living expenses to help finance your Seton Hall Law education, we recommend that you verify your credit report is accurate and in good standing. Credit reports frequently contain misinformation that can take time to correct. Obtaining a copy of your credit report early allows you to correct any adverse information prior to applying for a private loan. You should also periodically obtain a copy of your report while in school to ensure that your private loan eligibility in future years will not be affected because of adverse credit information.

You are entitled to receive one free credit report file every 12 months from each of the nationwide consumer credit reporting companies.  You may obtain your free credit report from www.annualcreditreport.com or by calling 1.877.322.8228.  Regularly checking a credit report from the three nationwide credit bureaus is a great way to fight identity theft.

However, if you would like a copy of your credit score, you must purchase the credit score.  A credit score is a complex mathematical model that evaluates many types of information in a credit file.  A credit score is used by a lender to help determine whether a person qualifies for a particular credit card, loan (such as a private loan) or service.  Generally, the higher your score, the less risk you represent and the better rates you will be offered.

The credit score may also be purchased though www.annualcreditreport.com, or by contacting one of the three nationwide consumer credit reporting companies directly:
 

Should you obtain a copy of all three credit file disclosures simultaneously?
It is entirely your choice whether you order all three credit file disclosures at the same time or order one now and others later. The advantage of ordering all three at the same time is that you can compare them. (However, you will not be eligible for another free credit file disclosure from the Central Source for 12 months.) On the other hand, the advantage of ordering one now and others later (for example, one credit file disclosure every four months) is that you can keep track of any changes or new information that may appear on your credit file disclosure. Remember, you are entitled to receive one free credit file disclosure through the Central Source every 12 months from each of the nationwide consumer credit reporting companies – Equifax, Experian and TransUnion – so if you order from only one company today you can still order from the other two companies at a later date.