Alternative Loans
These loans of last resort are private lender loans for students who may not be eligible for Federal Direct Student Loans or for students who are eligible and need additional funds to help meet additional educational expenses including tuition and housing. The amount that a student may borrow is limited to the “cost of attendance” as determined by federal approved standard budgets. All applicants are subject to credit review and/or may require a co-signer. Students who do not have eligible citizenship status for federal financial aid may borrow an Alternative Loan if they have a co-signer with eligible citizenship status. Interest is variable and may be as high as 18–21 percent. Students who are considering an Alternative Loan should first speak to a financial aid counselor.
Application process: Students who wish to apply for an Alternative Loan must also submit a FAFSA application prior to application for the loan. Applicants must be enrolled for the minimum credits required by the lender (usually 6 credits) during the semester for which the loan has been requested and meet Title IV Satisfactory Academic Progress standards for the school to certify the loan.