Alternative Loans

Students may need to borrow additional money beyond the federal Stafford loan to help supplement the Cost of Attendance.  Alternative loans are credit-based loans for undergraduate and graduate students with interest rates that are variable.  Students with no credit history or low credit scores will most likely need a credit-worthy co-borrower to be approved for this type of loan.  This loan is considered a “last resort” loan and should be considered after all of the federal loan options with lower interest rates have been exhausted.

STEPS TO PROCESSING AN ALTERNATIVE LOAN

STEP 1:  New alternative loan borrowers and students who have not previously completed a loan Information Sheet must complete the “Student Information” section and “Alternative loan” section of that form.  Click here to access the Loan Information Sheet

STEP 2:  Students must apply for the alternative loan with their selected lender.

Our office has provided an electronic lender list of the terms for several Alternative loans, along with links to their applications (see link below).  Borrowers selecting another lender not on the electronic lender list must provide information from the selected lender to the Office of Financial Aid.  The information should include the name of the lender, contact information for the lender and the name of the loan borrowed.  Click here to access the Electronic Lender List