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ERTC Students - Options for Loans

As an ERTC student, you have the option to pay for your ERTC education with Alternative Loans.

If you have any questions regarding Alternative Loans for the ERTC program, please contact the Office of Student Financial Aid at (618) 650-3880 and ask to speak with the ERTC Loan Specialist, or email the office at

How to Apply

To apply for an Alternative Loan, the borrower will need to apply through the lender’s website. Our office will receive the application electronically from the lender. Below is a list of the lenders that provide alternative loans that SIUE can certify for the ERTC Program. The lenders on our commonly used lenders list were chosen for their good service to students, and you may filter the lenders based on your situation. Carefully choose the lender that best meets your needs. It can take up to four weeks from the date of school certification to disburse to the student’s account.


Application Disclosure Statement

Commerce Bank

Application Disclosure

PNC Bank

Application Disclosure

Sallie Mae Smart Option Student Loan

Application Disclosure

Sallie Mae Parent Loan

Application Disclosure


Each private loan program has different eligibility requirements such as admit status, hours of enrollment, Satisfactory Academic Progress status, etc. In addition, some private loan lenders allow you to borrow to cover a past-due balance from a prior term (up to the bill amount for that term). Some require current enrollment and some do not. Confirm your eligibility before applying.

Loan Fees

Most lenders offer no application or origination fees.

Current Interest Rates

Interest rates for Alternative Loans will vary based on the terms of the loan determined by the lender you choose. You may select between competitive variable or fixed interest rates. Check with your lender for the interest rates of your loan.

How Will I Receive My Loan?

The school will first apply loan funds to the student’s account to pay for tuition, fees, room and board, and other school charges. Any excess funds will result in a refund that will be disbursed to the student. All refunds are disbursed by the Office of the Bursar.

When Will Repayment Begin?

Repayment will vary based on the repayment plan chosen at the time of application. Carefully review your repayment options when applying.

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