Alternative Loan Programs
Alternative Loans are credit-based, private student loans. With an alternative student loan, you may borrow up to the full cost of your education, less other aid. Alternative loans generally have higher interest rates and fewer repayment options than federal loans.
Alternative loans can be more expensive than Federal Stafford, Federal Perkins, Federal Graduate PLUS and should be considered only when all other eligibility has been exhausted.
Lenders that offer alternative/private student loans vary in the interest rates and terms available.
- Be aware that some lenders will require payment while you are enrolled in school.
- Other lenders will let you defer payment, but interest will accrue and be added to your balance.
- You will owe more than you borrowed once you leave school.
Alternative loan comparison - ELM Select Loan Comparison Tool
Private Education Loan Applicant Self-Certification Forms
Private loans lenders are required to provide loan disclosures to borrowers. They are also required to collect additional information from you on a Private Education Loan Applicant Self-Certification Form, which includes the following:
Cost of attendance: an estimate of tuition and fees, room and board, transportation and other costs for the period of enrollment covered by the loan. You may obtain your cost of attendance at anytime on Pipeline or from the financial aid office.
- Estimated financial assistance: all federal, state, institutional (school), private and other sources of aid. Your estimated financial assistance may be obtained at anytime on Pipeline or from the financial aid office. If the loan you are currently applying for has already been listed as an award, do not include it as current aid on the self-certification form.
To view your cost of attendance and estimated financial assistance figures:
- Log in to Academica
- Click "My Award Information" for the "Award Overview" page with the figures you will need.