Alternative Loans, a form of private educational financing, should be a family's last resource to financing a college education. Borrowing from federal loan sources (Stafford and/or PLUS Loans) should always be considered before an Alternative Loan. The student is the primary borrower and a credit-worthy co-signer is required. Various types of alternative loans are available. The interest rates are typically higher than Perkins, Nursing, Stafford or PLUS Loans and vary from loan to loan as do the loan limits and fees. Fees may be deducted from the total amount borrowed.
An Alternative Loan is usually certified within 2-4 weeks of receiving the certification request from the lender. A temporary credit will be placed on the student's account while awaiting disbursement of the loan. For additional information, please contact the Office of Financial Aid at firstname.lastname@example.org. Click here for information on choosing a lender.