Private/Alternative Loan

A Private/Alternative Loan is offered through a lending institution and is not part of any federal government programs. Private/Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted.

  • Federal Student Loans are required by law to provide a range of flexible repayment options, including but not limited to, income-based repayment and income contingent repayment plans, and loan forgiveness benefits which other student loans are not required to do.
  • Federal loans are available to students regardless of income.
  • Private loans can offer variable rates that can increase or decrease over time depending on market conditions.
  • Private loans have a range of interest rates, fees, and students should determine these before accepting the loan.
  • Students should contact the private student loan lender or their school's financial aid office if they have any questions.
  • The interest rate offered on a private loan may depend on borrower's credit rating.
  • Some private lenders require students to meet the school’s Satisfactory Academic Progress Policy (SAP). If you are not meeting SAP please select a lender that does not require you to meet the insitution's SAP policy.
Candidates:

Students who have exhausted all other options in finding funding for their education.

Loan Maximum:

Students may borrow up to the cost of their attendance minus other financial assistance.

Required Forms:
  • FAFSA
  • Pre-Approval with a private loan lender
  • Private/Alternative Loan Form submitted to the Financial Aid Office. This form must be submitted in order for the school to certify this loan.
Interest Rate:

Interest rates vary by lender.

Repayment:

Terms of repayment are set by the lender.