Undergraduate Private Alternative Loans

Alternative Loans, also known as Private Student Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete.

Why go private?

• We send you the money, not the government, your school, or financial aid office, which means less paperwork and less time between you and your money
• No FAFSA or other exhausting, complicated forms
• No application deadlines - apply any time!
• Borrow the total cost of education - lets you borrow for supplies, books, housing, and other expenses the government won't let you
• a unique partnership with Upromise through which your everyday purchases helps repay your loan faster
• Top-quality customer service with account access 24/7.
• Competitive interest rates
• Credit-based loan means you don't have to qualify based on financial need
• Fast and convenient online application process and funding in as little as five days
• has a loan limit from $1,500 to $30,000 per year (subject to an aggregate maximum of $130,000)

Some families turn to private loans when the federal loans don't provide enough money or when they need different repayment options. For example, a parent might want to defer repayment until the student graduates, an option that is not available from the government parent loan program. 

Am I eligible for this loan?

You must be enrolled at least half time in an eligible program of study. Approval is based on the credit history of the student. If the student chooses to use a cosigner, the cosigner will have to have a good credit history and must be earning at least $18,000 per year.  

How much can I borrow with this loan program?

You can borrow up to the total cost of your education less any other financial aid or loans you are receiving. This amount is called your "Cost Less Aid" amount. A co-borrower is needed if the student has not been employed for 2 years with the same employer on a full-time basis

How can I get this loan?

Apply online here!  

What is the interest rate of this loan?

The interest rate is based on the LIBOR quarterly index rate plus 4.65% - 7.25% dependent on your good credit.

Are there any special fees I will pay?

You will be charged a guarantee fee of 5% at disbursement. If you choose to defer principal and interest payments, the fee will be 6.5%.

When will I get my money?

In most cases, your loan will be disbursed in two installments and sent directly to the school as determined by your financial aid office. Your loan money will be used to pay your tuition and fees. If loan money remains your school will credit your student account or pay you directly. 

What are my repayment options?

You have three repayment options: 
1.  Begin immediate payments on both principal and interest
2.  Defer the principal and pay the interest only for up to 4 years while continuously enrolled in school
3.  Defer both the principal and the interest for up to 4 years wile continuously enrolled in school

• A minimum monthly payment of $25 is required while you are making payments. 

• Prepayment of the loan is not a problem and can be done without any additional fees or penalties.

• Interest will accrue during any deferment period and will be capitalized - added to the original principal amount - at repayment.