Alternative Student Loans

What is an Alternative Student Loan?

An alternative loan is a private loan that students can apply for directly from a bank. Because these are not federal student loans, the terms and rates will vary from lender to lender. We recommend students complete the FAFSA to assess their eligibility for the Pell Grant and Direct Loans before applying for an alternative student loan.

Return to Financial Aid

Loan Details

Eligibility

Each lender will have unique eligibility criteria. Students should carefully review the following for each lender before deciding where to borrow from:
  • Interest rate
  • Eligibility
  • Repayment criteria

Award Amount

The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received.

Loan Fees & Interest Rate

Loan fees and interest rates are different depending upon each lender.

Loan Timing

Federal law requires lenders to wait at least eight business days after certification before sending loan funds to the college.


It’s best to apply early so funds are not delayed.

FASTChoice

For more information on alternative loans, and to search for different lenders, please visit FASTChoice.


Visit FASTChoice