Alternative Loans Alternative loans are supplemental loans offered by a variety of lenders that students can access to supplement other financial resources and any other financial aid awarded. This eligibility refers to the amount of an alternative loan the student could borrow. A listing of alternative loan programs is sent to students with their initial financial aid award letters. Interested students must select an alternative loan program, apply for the loan, and be approved for the loan in order to receive the alternative loan funds. Loan applications may be obtained from the Financial Aid Office or from the individual lender.
Some lenders offer the ability to apply via the Internet or by phone.
Six weeks should be allowed for processing time. Alternative loans should be used only after other financial aid programs and available resources have been exhausted. Another important difference between alternative loans and other types of student loans is the need for the borrower to have satisfactory credit. Many alternative loan programs require undergraduate students with no credit history to apply with a co-borrower. It is highly recommended that all potential borrowers examine their credit report prior to applying for an alternative loan.