Alternative Student Loans

When Federal Aid Isn't Enough

Sometimes federal loans, grants and scholarships don’t cover all your college costs. That’s where alternative student loans come in. These loans are offered by private lenders and can help you pay for tuition, fees and other expenses. Before you apply, make sure you’ve used all other options like grants, scholarships and federal loans because alternative loans usually have higher interest rates.

Apply for an Alternative Loan

Visit Fast Choice to:

  • View and compare lenders.
  • Check borrower benefits, rates and terms.
  • Apply directly through the lender's website.

Key Points to Consider

  • Borrow responsibly — only what you need
  • Apply with a co-signer
    • A co-signer can improve your chances of approval
    • May help you qualify for a lower interest rate

How You Receive the Funds

Lenders send the funds directly to the college. Student Accounts will apply the funds to your bill and distribute any remaining funds to you.

Repayment

No payments are due while you are enrolled at least half-time. (6 credits for undergraduates, 3 credits for graduate students). To reduce the cost of your loan, you can make payments anytime while still in school with zero repayment penalty fees.

Borrowing Limits

All financial aid you receive for the academic year cannot exceed your Cost of Attendance (COA). Subtract your current aid from your COA to determine how much you can borrow with an alternative loan.

Estimate Your Interest

Estimate the amount of interest you would accrue each month by viewing this Monthly Accrued Interest Table.