Alternative Student Loans

Private (Alternative) Loan Information

  • Non-federal private (alternative) loan options
  • Variable or fixed interest rates; many have no cap
  • Must apply directly with your chosen lender
  • Repayment options vary by lender
  • FAFSA is not required
  • Before applying for a private (alternative) loan, read our Borrowing for Your Education page.

Before You Borrow

We strongly suggest that you exhaust all federal student borrowing options before turning to a potentially costly private (alternative) loan. Almost all students are eligible for at least a Federal Direct Stafford Loan.

More information about the differences between private (alternative) and federal loans can be found on our Borrowing for Your Education page. You must file the FAFSA to obtain a Federal Direct Stafford loan (Subsidized/Unsubsidized).

These private sector loan products vary and terms frequently depend on the creditworthiness of the borrower and/or co-signer. In general, borrowers and/or co-signers must be U.S. citizens or Permanent Residents and enrolled half-time. Interest rates and repayment terms are unique to the loan product selected. Students may borrow cost of attendance minus any financial aid received. Student and co-signer, if applicable, must complete a Promissory Note. The University certifies private (alternative) loans electronically through Educational Loan Management (ELM). If you have questions about your loan status, please contact the lender through which you applied.

Suggested Private (Alternative) Loan Lenders

Undergraduate Students
Graduate Students

Exclamation-Circle-green-32You have the right to choose to borrow your loan from any lender who participates in the program under which you are eligible to borrow.

We suggest that students begin the process in May to ensure that their University fee bill is paid in a timely manner.  Undergraduate fee bills are due August 1 and Graduate fee bills are due the first day of school.