Alternative (Private) Loans

Alternative (Private) Loans are education loans that lending institutions offer as an additional source of funding for students and families. These loans often are utilized when other financial aid, including government loans, are unable to cover the cost of education. These loans are similar to other credit-based loans and usually require a cosigner.

The amount you may borrow is generally limited to the cost of education minus any financial aid. Interest rates vary with borrowers and credit scores. Repayment terms vary as well, but most have an option of deferring payments while the student is still in school (although the interest would begin accruing as soon as the loan is disbursed).

To get helpful tips for selecting a loan, consult the Alternative/Private Loan Fact Sheet.

For a comparison of loan options, consult PLUS, Alternative Loan, Home Equity Comparison.

Click here to use a loan repayment calculator.

Completing the Alternative Loan Application Process you must:

• 1. Select a lender. Visit FASTChoice to search for loan options. Many applications can be completed online.
• 2. Determine a loan amount. Refer to your award letter, or contact the Financial Aid Office for assistance.
• 3.Complete the application and Master Promissory Note.

Please contact the Financial Aid Office at 1-866-686-8243, option 2 with any questions.