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Alternative Loans

Alternative Loans are credit-based loans that students may borrow to fund their education.  Students with little or no credit history will typically be required to have a co-signer for the loan to be approved.  It is strongly recommended the students take full advantage of their Federal Stafford Loan eligibility before applying for a Grad PLUS Loan.

Interest Rate and Fees

Alternative loan interest rates and fees will vary among the lenders, are are usually dependent on the strength of your (and your co-signer’s) credit.  The better the credit, the lower the interest rate and fees.  Carefully review the terms of the program for which you are applying.   

Enrollment

Some alternative loan programs will require students to be enrolled at least half-time in a degree program.  Read the eligibility requirements carefully if you are looking for this type of loan.

Prior Balances

Some alternative loan programs will allow students to use loan funds to pay old balances, even if the student is no longer enrolled.  Read the eligibility requirements carefully if you are looking for this type of loan.

Repayment

Repayment plans on alternative loans can vary.  Some programs may require you to pay the interest on the loan while you are enrolled in school, and others will defer all payments until after graduation. 

Maximum Loan Amount

The maximum amount a student can borrow in an alternative loan is the total cost of attendance (comprised of tuition and fees, room and board or living costs, books and personal expense allowance) minus all other financial aid.

Application Tips

• File your Free Application for Federal Student Aid (FAFSA) and borrow the maximum in Federal Stafford Loans before applying for an altertnative loan.
• Apply for the total amount needed for the entire academic year
• Loan will be disbursed ½ in August and ½ in January
• Remember to account for any loan fees in determining your loan amount
• Questions you might have about Private Loans

Preferred Lenders

Saint Xavier’s Preferred Alternative Loan Lenders were chosen based on their ability to provide reliable electronic processing and disbursement, good customer service and competitive borrower benefits.  Review our list of Preferred Lenders and apply for an Alternative Loan now.