An alternative student loan (also referred to as a private or outside student loan) is not a federal student loan, but one through a private bank or other lending institution. Alternative loans may have interest rates, repayment terms, and deferment options that are less favorable than those of the Federal Stafford, Perkins, Parent PLUS, and Graduate/Professional PLUS Loan programs.
Please contact the Student Financial Aid office for the Private Education Loan Applicant Self-Certification Form and submit this form to his/her lender. This form is intended to serve two purposes:
- Informing the borrower about other options for financing his/her education.
- Providing information to the lender about the student’s educational expenses and other aid.
The private loan application and disbursement process will not be completed until the signed Private Education Loan Applicant Self-Certification form has been received by the lender. If the student does not complete, sign, and submit the form within 120 days of his/her submitting the credit application to the lender, the loan will be canceled by the lender.
For more information regarding Alternative educational loans, please visit Fast Choice.