What is a Alternative and Private Loan?

Please Note the following items regarding alternative/private loans

  • A student must be maintaining at least one component of Satisfactory Academic Progress to receive an alternative/private loan.
  • Alternative/Private loans do not authorize and will disburse when the funds are released to ²ÝÁñÊÓƵ, but no earlier than the . This means that alternative/private loan information will not show as your estimated aid on your Bursar Office account (Student Account Suite). 
  • You should allow 4-6 weeks for an alternative loan to be processed and for funds to be received at ²ÝÁñÊÓƵ.  To find out the date your loan funds will be released to ²ÝÁñÊÓƵ, please contact your lender.

Private student loans are different from federal student loans in that they are not guaranteed by the federal government, require a credit check, and often a co-signer. Terms and conditions vary significantly by lender. Carefully consider your needs, and then select a loan product that best meets your individual situation.

When researching private loans, you should pay close attention to the borrower benefits, fees, interest rates, and repayment options. To calculate the interest, lenders use the , , or the .

You may also read the ²ÝÁñÊÓƵ Student Loan Code of Conduct. This Code of Conduct prohibits conflicts of interest in situations involving student loans and to establish standards of conduct for employees with responsibility for student financial aid.