Alternative Loan Information
Alternative Loans
Alternative educational loans are available to enrolled credit-worthy students regardless of financial need; completion of the FAFSA is not required. In many cases a credit-worthy co-signer may be required. These loans may also be used for past due balances or other educational expenses, such as a computer. The interest rates for these loans are generally higher than the Stafford Loan.
As of February 14, 2010 amendments have been implemented by the Higher Education Opportunity Act (HEOA). Under the amendments, creditors that extend private education loans must provide disclosures about loan terms and features on or with the loan application and must also disclose information about federal student loan programs that may offer less costly alternatives. Additional disclosures must be provided when the loan is approved and when the loan is consummated.
The requirement of these disclosures will mean that the Private loan process will become quite lengthy. Much of this process will be handled via US mail and not electronically. You will be responsible for signing these disclosures and making sure that they are taken care of in a timely matter. If you do not complete the process in a timely manner your application process will start all over again.
If you need to apply for private loan, we highly recommend to apply in advance to give yourself enough time to complete the new implementation process. You mayvisit us in the Office of Financial Aid, for assistance in determining the amount that you may need.