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Alternative Loans

An Alternative Loan is a private, non-federal loan from an outside source such as a bank or other lending institution. These loans are different from the William D. Ford Direct Loan Program because they are not guaranteed by the federal government.

Credit guidelines apply in determining eligibility, and vary from lender to lender. Credit checks are normally performed at the time of application and are time sensitive. Check with your specific lender to determine credit check time frame and expiration policies.

An Alternative Loan can be used when a student is no longer eligible for a Direct Loan, or to help close the financial gap between the cost of attendance and all other forms of financial aid. A student should not borrow an Alternative Loan in place of a Direct Federal Loan.

A wide variety of loan products are available to undergraduate, graduate, professional, full-time, part-time, matriculated or non-matriculated students. Specific loans are also available to Canadian and other international students.

Students have the right to select the alternative lender of their choice.

Here is a list of key research points for students and parents to consider when looking for an alternative loan lender:

• Interest rate
• Loan fees (origination, disbursement, and repayment)
• Decision criteria
• Minimum and maximum amounts to borrow
• Enrollment requirements (half time or less)
• Duration and types of deferments offered
• Borrower benefits
• Repayment terms
• Past due balance eligibility