Private Alternative Loans are loans not guaranteed by the federal government and are not awarded as part of a student's financial aid package. The borrower (either student or parent) may borrow such a loan through various participants such as banks or credit unions to help cover educational expenses. Students should exhaust their eligibility in the federal loan programs before borrowing through a private student loan program.
Here are some processing tips for Private Alternative Loans:
- Processing time will take between 20 and 30 days from application to disbursement due to new truth in lending regulations.
- Loans are disbursed half in each semester. Plan your annual financial needs by June and complete the loan process by Aug. 1 to avoid delays in processing.
- Utilize the online application processes whenever possible.
