Alternative and Private Loans | Financial Aid | BYU-Idaho

# Alternative and Private Bank Loans

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Please complete the FAFSA to check your loan eligibility. Federal loans will usually have better interest rates and repayment options.

If you have exhausted all other available resources, an alternative or private bank loan is another resource to help you fund your education.

## Eligibility

****To be eligible for an alternative/private loan, you must:****

- Be a matriculating student with a declared major.
- Meet your chosen lender's criteria, including meeting Satisfactory Academic Progress (SAP) standards if required.
- Enroll in at least 6 credits.

****Requesting a loan:****

- You may request a loan up to your Cost of Attendance (COA). 
 - Previously awarded aid (federal Pell Grants, federal loans, and scholarships) will be factored into your loan availability.
- Loans may be requested for: 
 - a single semester (Fall only, Winter Only), or
 - two consecutive semesters (Fall/Winter, Winter/Spring)
- Loans cannot be requested for an entire academic year (more than 2 semesters) at a time.

## Process

It can take up to 30 days for an alternative/private loan to be approved, processed, awarded, and disbursed to your student account.

1. Complete your FAFSA, which may include the verification process or a SAP appeal.
2. Check your financial aid portal for your federal loan eligibility and accept federal loans.
3. ****Contact a private lender or bank and apply for a student loan.****
4. ****Once the loan is approved by the lender****, you must submit the Certification Request Form (link below). The Financial Aid office will evaluate the requested loan amount and may adjust the amount to fit within your COA for the semester(s) requested.
5. After the Financial Aid office has approved and certified your loan request: 
 1. It can take 10 business days for the school to receive private loan funds and process them.
 2. It may take an additional 3-5 business days before the funds are awarded and disbursed to your student portal.
 3. If the loan is requested and certified before an upcoming semester, the school should receive the funds during the first week of the semester.

Be sure to accept all federal student loans ****before**** completing the Certification Request Form.

Certification Request Form

### Helpful Questions to Ask When Choosing A Private Lender

- What is the interest rate of the loan?
- Is the interest rate fixed or variable?
- Is repayment deferred until after graduation?
- What if I stop attending before I graduate?
- Can I make payments while I am in school without penalty?
- Do they require a student meet Satisfactory Academic Progress (SAP) standards?

## Historic Lenders

As a courtesy, below is a randomly sorted list of private/alternative loan lenders used by our students during the past three years.

There are many lenders who provide alternative student loans. The BYU-Idaho Financial Aid office ****does not**** endorse any specific lender. We provide the list below as a place to start your search for additional loan funding, some of these lenders may no longer be providing student loans. Please take the time to research and compare interest rates, eligibility requirements, and the repayment criteria of each lender before accepting an alternative loan.

| | | | | | |
| --- | --- | --- | --- | --- | --- |
| First National Bank | Navy Federal Credit Union | College Ave | Custom Choice | Sallie Mae | Affinity PLCU |
| Edly Inc | Desert Financial CU | Mass Ed Financing Authority | Alaska | Baxter CU | Northwest FCU |
| EARNST | SoFi Bank | Ascent | Lendkey | Bank ND | Abe Student Loans |
|

If you have specific questions about interest rates, loan terms, and how to qualify, please reach out to the individual lender.