Alternate loans are available to some students who need additional funds to meet educational expenses. The student’s eligibility is determined by the cost of attendance minus other financial aid or the annual loan maximum amount as determined by the lender. The lender will work with you directly to determine eligibility and complete the application process.
Where can I find Alternative Loan Lenders?
In addition to the lenders listed below, your bank, credit union, or other financial institutions can be a good place to start your search for a reputable lender. It may be beneficial to compare lenders to find the best option.
Compare private loans for your school and your degree.
Find the loan rates and terms that meet your needs.
Elm Select provides the most lender options with this free service and no registration.
- Take your time to compare lenders and loan programs
- If you choose to apply for an alternate loan, it is recommended that you review different lenders and research their policies and loan terms to decide which lender is the best option.
- When speaking to lenders on the phone, always get the name and contact information of the person you are talking to so you can easily reach them in the future.
- Loan and eligibility requirements will vary according to the lender.
- You must be a credit-worthy borrower OR a borrower with a credit-worthy cosigner
- Keep your loan application and contact information together in case you need to check the status of your loan.
- When determining a loan amount to request, consider if you want the loan to cover only one semester or the entire school year. You may contact the Financial Aid Office for additional information if you are unsure of how much to request.
Do you know…
You can find out this information and more by asking the lender directly.
- What is the application process?
- What is the approximate time it takes to obtain a decision for loan approval?
- How long will it take for the funds to reach the university?
- What are the eligibility requirements to borrow the loan? Is a co-signer required if the borrower is a student?
- What are the credit criteria for loan approval?
- What are the interest rates? Are they fixed or variable?
- Are there additional fees applied to the loan?
- Does the lender have borrower incentives or benefits?
- When does repayment begin? Is there a grace period before repayment begins?
- What are the repayment options?
- Is the interest and/or principal deferred while I am in school?
- Are there penalties for late payments or early repayment?
- Will there be fees or interest rate changes when I enter repayment?
- What web-based services does the lender provide?