Alternative or private loans provide students additional funding for unmet college expenses. Most alternative loans require a good credit rating and/or a creditworthy co-signer.
Alternative loans are not federally guaranteed and do not require a FAFSA. Most alternative loan applications require certification by the Office of Student Financial Aid. Terms, fees, and borrowing limits of alternative loans may differ from lender to lender. The yearly amount for most alternative loans cannot exceed the annual cost of attendance minus other financial aid.
Contact your lender and inquire about Alternative/Private loans and their eligibility requirements. Many lenders provide online applications for your convenience. It is strongly recommended to apply online, as it is an efficient and timely process. Lenders will notify the Financial Aid Office of the application decision.
Date Updated: 05-NOV-2008
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