Monthly payment begins shortly after the loan has been disbursed. There is a four percent origination fee deducted from the loan amount. An Alternative Loan is offered to eligible students who would otherwise be ineligible for federal funds. Students are encouraged to first apply through the regular process unless suspended from financial aid. Alternative Loans are made available through banks and other lending agencies.
Most alternative lenders conduct a credit check to determine qualification.
A co-signer may be required if a student cannot show sufficient income. Applications can be obtained from the Student Financial Aid Office or by contacting a lender. A Personal Loan though your bank is an option for students and parents. Check with your local bank for a personal loan if you are unable to receive aid. Even with this analysis, the University realizes that many students need assistance with meeting the cost of their education.