Private/alternative loans are available for students seeking loan assistance above and beyond the federal programs. We strongly encourage students to exhaust their federal student and parent loan options prior to considering these loans due to the higher rates, fees, terms and conditions that usually accompany private loans. These loans are available for students and normally require a credit-worthy cosigner for approval. Interest will accrue from the moment the loan is disbursed and repayment normally begins after graduation. Student borrowers often have the option of making interest-only payments while in school or deferring and capitalizing the interest until after graduation. It is important to note that capitalizing interest over 4 years of undergraduate study will result in a much higher loan balance due than if a student paid the accrued interest while in school.

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. Listed below are links to sites which offer information on private loans as well as a list of lenders who have worked with our students over the years with basic rate and fee information. We encourage you to begin your research here 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.

Private/alternative loan list 2009/10 (Adobe PDF)

Private loan websites (for those who wish to research additional loan options):
www.finaid.org/loans/privatestudentloans.phtml
www.studentloanlistings.com/gulf/gtree//
http://studentlendinganalytics.com/alternative_loan_options.html  

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.