Alternative Loans

Alternative loans are loans that are designed for students but not guaranteed by the federal government.  Alternative loans are offered directly to the student by private lenders.  Just like other student loans, alternative loans must be repaid!

Most students can meet their educational costs by a combination of scholarships, federal and state aid, earnings and family resources.  Some lenders, such as credit unions, are not listed here because they are not open to making student loans unless you have an established relationship (ex: checking or savings account, credit card, etc.).  Please check with lenders you have used in the past or have a relationship with to see what they have to offer.  It is only when all resources do not meet educational costs that a student should consider an alternative loan.  A student should exhaust all of their Stafford Loan eligibility before considering alternative loans since interest rates and origination fees are usually lower for Stafford Loans.

Alternative loan requirements vary according to the lender, but some of the most common requirements are:

• Ability to pass a credit check, or having a credit-worthy co-signer.
• Loan amount plus all other aid cannot exceed the cost of attendance.
• Enrolled at least half-time (some lenders require full-time enrollment).
• Making reasonable academic progress.

Compare loan terms, interest rates, finance charges, and repayment schedules as you would with any other personal loan.  Listed below (in alphabetical order) is a historical list of active lenders/alternative loan products.  It is convenient to apply online but only after you have reviewed the terms and conditions to choose the one that best meets the criteria most important to you in a private student loan.

Citibank (800) 967-2400

Commerce Bank (800) 666-3910