Alternative Student Loans

Alternative Loan Benefits:

• Borrow up to the cost of education
  
• No FAFSA required

Alternative student loans are specialized education loans based on your credit history and should be considered after all federal student loans, grants and scholarships have been exhausted.

Alternative student loans can be used for education-related expenses including tuition, books, transportation and room and board. You may apply for an alternative loan at any time.

Alternative Student Loan Benefits

• No principal or interest payments until six months after graduation
• 0.25% interest rate reduction for automatic debit from a bank account
• Borrow up to your Cost of Attendance, based on school certification
• No FAFSA required

Apply for a Alternative Student Loan

Alternative Student Loan Eligibility

You must be a U.S. citizen or a permanent resident, and be enrolled at least half-time in a 4 or 5 year degree program.

What is my interest rate?

The interest rate is a combination of the Prime rate plus or minus a margin. The rate will fluctuate as the Prime rate changes every three months.

Alternative Student Loan Repayment Options

You have three options including deferment, repayment of interest only, or interest and principle.

Full Deferral: No principal or interest payments due while enrolled in school (up to four consecutive years). Payment of principal and interest will begin 6 months either after graduation or if no longer enrolled at least half time. Interest will continue to accrue during the deferment period and will be capitalized (added to the loan balance) at the time of repayment.

Interest Only: Pay only accrued interest while enrolled in school (up to four consecutive years). Payment of principal and interest will begin either 45 days after graduation or withdrawal from school.

Immediate Repayment: Payment of principal and interest will begin 45 days after loan is disbursed.

Disbursement of Alternative Student Loan Funds

Once you receive conditional approval, you will complete a promissory note and be required to submit documentation to verify the information on your application. If you return the requested documents quickly, you will receive your money soon afterward - it can take a few weeks for the check to be sent to your school.

Additional Benefits of the AlternativeStudent Loan

• If you choose full deferment, payments do not have to start on alternative student loans until six months after graduation or dropping below half-time status.
• Up to $2,500 in interest may be tax deductible - you should consult a tax advisor for details.
• You will receive a 0.25% interest rate deduction for setting up automatic payments from a bank account during repayment.

Apply for a Alternative Student Loan