We recognize that students may need to rely on a variety of resources to assist them in paying for their educational expenses. One type of loan to consider is the private alternative loans that are available to students when federal loans are not enough to cover the cost of attendance or students do not qualify for any federal loans.

We strongly encourage students to exhaust their Federal Stafford loan options prior to considering these loans due to the higher rates, fees, terms and conditions that usually accompany private loans.

• The interest rates are typically variable and may be tied to the prime rate, LIBOR rate, or treasury bill rate.
• Borrower eligibility, co-signer requirements, interest rates, maximum loan levels, and repayment options vary according to the program.
• These loans are based on creditworthiness, which is based on the applicant's credit history.
• These loans may assist students who are enrolled less than half- time (less than 5 credits) or pursuing a certificate program.
• Interest will accrue once the loan is disbursed and repayment normally begins after graduation.

Unfortunately, due to the state of the economy, many lenders have stopped offering private loans for educational costs and/or raised interest rates and fees in an effort to offset the higher cost of raising capital to lend. We encourage you to begin your research before applying for a loan to assure that you are getting the most competitive rates, fees and terms available. It is also important to note that all lenders can change these loans on a moment's notice so please visit the appropriate Web site to research the most up-to-date loan information available.

Download the guide below to see lenders that either the University has identified as lenders we suggest or our students have worked with in the past.

Graduate Alternative Loan Guide 2009-10 (Adobe PDF)

Ultimately, choosing a loan and lender is completely up to you. Should you decide to use a specific loan or lender outside of our suggested programs, please contact our office with all of the details so we may process your loan efficiently.

To gain a better understanding of your individual credit we suggest reviewing your credit report annually. Free credit reports are available at www.annualcreditreport.com.