Alternative loans are agreements between the borrower, co-signer, and the lender. Private student alternative loans are managed through private lenders, issued in the student’s name, and require a credit-worthy co-signer. Eligibility, rates, terms, and conditions vary. Approval and interest rates are based on the borrower’s and co-signer’s credit and income. The private lender makes all decisions regarding interest rates and repayment options. Lenders may also have student eligibility criteria, such as enrollment (half-time or more), satisfactory academic progress, degree program, etc.
When submitting your private loan request, please bear in mind that we cannot combine certain terms. We certify loans for the Fall and Spring as one aid period, but Summer is a separate term. Summer loans require a separate loan application from the Fall and Spring semesters.