Alternative Loans

About the Loan
Interest Rate and Fees
Loan Amount
Application for Loans
Offer of Loans
Disbursement of Loans
Maintenance of Loans
Repayment of Loans

About the Loan

If a student does not qualify for federally funded loans, such as Direct loans, the student may be able to finance their education with a private loan. Alternative loans are credit-based consumer loans that can be used for any educational related purpose. Most loans require that the applicant must have established credit history to be approved. For a list of alternative loan options, please visit this site.

Interest Rate and Fees

Interest rates vary based on the lender of choice and borrower's credit history.

Loan Amount

Borrowers may borrow up to the cost of attendance.

Application for Loans

Student will need to contact their chosen lender for an application.

Offer of Loans

Once the student's application has been processed, the student's account will be updated accordingly.

In addition to their application, students will need to complete a Master Promissory Note (MPN) and disclosure statement with chosen lender.

Disbursement of Loans

Once the loan has been disbursed, the funds will be applied to the student's account to cover charges. If a credit balance is created, funds will be refunded to the student's Higher One account preference.

Maintenance of Loans

Lender requirements vary.

Repayment of Loans

Lender repayment options vary. Student will need to contact their lender for details of their repayment plans.