What is an alternative student loan?
Unlike Federal Student Loans, alternative student loans or private student loans are specialized education loans based on your credit history and income and should only be considered after all federal loans, grants and scholarships have been exhausted. Lenders typically give better terms for better credit history.
What can alternative student loans be used for?
Alternative student loans can be used for education-related expenses including such things as tuition, books, transportation and room and board.
Who can apply for an alternative student loan?
The student must apply for the loan. Since many students do not have extensive credit history, they will need a creditworthy cosigner to apply for this loan.
Are there application deadlines?
No. You may apply for an alternative student loan at any time.
What is the application process?
You will need to submit your application online. Once you determine the amount you want to borrow, you will need your Social Security Number, driver's license, cosigner information, and two additional references ready. You and your cosigner's credit will be checked. You can then check your status online at any time.
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