Many private banks and lenders offer loans for financing educational costs. However, we recommend you exhaust all federal aid options before taking an alternative loan (federal loans are generally less expensive). A FAFSA is not required for alternative loans. Students who wish to take an alternative loan and do not complete the FAFSA must completeÌýprivate loan counselingÌýwith their financial aid counselor prior to receiving the alternative loan funds.
Award amount, interest and payment terms vary. These are credit-based loans and students must complete the lender's application process.
Lenders may require a co-borrower, that the student makes payments while in school or have other stipulations. Even if not required by the lender, students may choose to apply with a cosigner because it could reduce the interest rate.
See Ïã¸ÛÁùºÏ²Ê's alternative loan lender list for more information.
The Financial Aid Office provides this list of alternative loan lenders to assist students in identifying banks and lenders offering alternative educational loans. Students are encouraged to conduct their own research to identify the best loan options for their individual circumstances.
To determine which lenders and loan options to display, the Financial Aid Office continuously monitors lenders' updates to ensure borrower benefits and customer service adhere to our criteria. Any lenders or loan options that no longer adhere to our criteria are removed. At least three unaffiliated lenders will be presented to you at all times. Students may select any lender of their choice, including lenders not on Ïã¸ÛÁùºÏ²Ê's alternative loan lender list.
Alternative loans should not be confused with direct-to-consumer loans. Direct-to-consumer (DTC) loans are NOT certified by the school and usually have higher interest rates. The loan funds are sent directly to the student borrower and not to the school; as a result, these loan funds will not appear as expected financial aid on the student's tuition bill. Although the maximum loan amount for a DTC loan should be the cost of attendance minus other aid, without the school certification process there is no way for the school to ensure the cost of attendance is not exceeded. Other aid, including scholarship and grant funds, could be reduced or returned entirely because the cost of attendance was exceeded with a DTC loan.
For most students, traditional grant and loan programs are the best sources for financial aid, and direct-to-consumer loans should be avoided. Discuss your optionsÌýwith your financial aid counselor for assistance in making this determination.