Private Alternative Educational Loans

These loans are private, non-federal loan programs that require at least half-time enrollment, good credit history, the ability to repay the loan, and U.S.citizenship or permanent resident status.  Some loans may require a creditworthy co-signer. 

Under these programs, students may borrow up to the cost of attendance (as determined by the Financial Aid Office) less other aid received. You will need to contact your lender to determine the best program that fits your situation.It is important that you make an informed decision as to the lender and loan program you select. 

Qualifications:

• Students enrolled at least half time

• Creditworthy (good credit history) or credit ready (no credit history and adhere to cumulative debt limits)

• Sufficient monthly income to repay the loan

• Stable residence and employment history

• U.S. citizen or permanent resident

Repayment Options:

Students have three repayment options

• Pay interest and principal while in school

• Pay interest-only while in school

• Defer principal and interest and have the interest capitalized, (added to your principal)

The minimum payment is $50 per month, but will be adjusted higher depending on amount borrowed.  Repayment period is up to 15 – 25 years depending upon type of loan and the amount borrowed.

Interest Rate:

The interest rates are variable and based on Prime + 0 - 5% depending on the loan.

 Loan Fees:

The guarantee fee is between 0% and 10%, depending on credit history and the availability of a co-applicant.  In addition, some loans have an additional fee added to the principal balance when the loan goes into repayment.

For complete details of the terms and conditions of each alternative loan program contact the lender, or visit their web site.

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