Alternative Student Loan Interest Rates

Alternative Loan Benefits:

• Borrow up to the true cost of education
  
• Fast eSignature process

How to Calculate your Alternative Student Loans Interest Rate

Interest rates on Alternative Student Loans are variable and will be determined based primarily on your credit history. Applicants with better credit, and/or a cosigner with better credit, will generally receive a lower rate. To secure the best rates and terms, we suggest you apply with a qualified cosigner.

Alternative Student Loan Rates are calculated to be a combination of a base rate (either Prime Rate or LIBOR Rate) plus or minus a margin. The rate will fluctuate as the Prime or LIBOR rate changes. Your specific rate will be disclosed to you prior to the disbursement of your alternative student loan. We encourage you to review and save all documents from your lender.

The Prime (or LIBOR) rate is a "reference or base rate" that banks use to set the price or interest rate on many of their consumer loan products.

Benefit: Borrowers can receive a 0.25% repayment interest rate credit from certain lenders when payments are set up for automatic debit from a checking or bank account. This can translate into significant savings over the course of repayment.

Apply for an Alternative Student Loan

Alternative Student Loan Repayment

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.

Apply for an Alternative Student Loan