If a student does not qualify for federally funded loans, such as Direct or Perkins 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 rates vary based on the lender of choice and borrower's credit history.
Borrowers may borrow up to the cost of attendance, minus other financial aid.
Student will need to contact their chosen lender for an application.
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.
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.
Lender requirements vary.
Lender repayment options vary. Student will need to contact their lender for details of their repayment plans.