What is an alternative loan?

Alternative Loan

An alternative loan is considered a Private Educational Loan. There are many Private Educational Loan programs available through a variety of private lending institutions and banks. Private loans are designed to be similar to government-sponsored educational loans, often allowing in-school deferment of payments. However, private lenders will perform credit and eligibility checks before granting the loans. Often, a cosigner is required. Interest rates are higher than the government-sponsored educational loans, but still may be a better option than other kinds of loans available to the student.

You will need to contact the lenders directly in order to obtain any additional information and to apply for a private education loan. We will process a loan with any private/alternative lender. Although some private lenders are much better than others in processing loans when interacting with our office, we cannot provide you with a listing or provide any recommendation. We suggest you begin with a lender you know and explore lenders on your own.

For more information regarding Private Educational Loans, please visit the Private Educational Loans web page.


Article ID: 44462
Tue 12/12/17 4:22 PM
Tue 2/18/20 2:39 PM