Q: What is an alternative loan?
A: Alternative loans are an additional resource available to families to assist in meeting college costs.
Q: How do I apply for an alternative loan?
A: For a faster application process it is recommended to apply online. For additional loan information CLICK HERE.
Q: When should I apply for an alternative loan?
A: If considering an alternative loan to assist with covering your outstanding balance, please allow up to 4 weeks for processing.
Q:Do I need to have a cosigner for an alternative loan?
A: It depends on the student borrower's credit, income, and the bank on whether you need a cosigner. Freshmen are generally required to have a cosigner.
Q: When do I begin repayment on an alternative loan?
A: Most alternative loan repayment begins six months after graduation or enrollment of less than 6 credits. However, all bank are different and students should contact the lender to see when their loan repayment begins.
Q: Can I consolidate my alternative loans with my federal loans?
A: NO
Q: Does interest accrue on alternative loans?
A: Yes, interest begins to accrue when the loan funds are disbursed to the school.
Q: What are the interest rates on alternative loans?
A: The interest rate depends on the lender, loan, and credit of the borrower and/or cosigner.