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Alternative loans are education loans that are available to students to assist them in their educational costs. We encourage families to first exhaust their federal loan options before looking to alternative loans. We also advise students to only borrow the minimum needed to help pay for school.
Alternative Loan Quick Facts |
Credit Check: Students are required to pass a credit check to receive an alternative loan. (Dependent students may need and are strongly encouraged to have a creditworthy co-signer).
Interest Rates: Interest rates are variable, not fixed. Interest rates vary based upon credit rating.
Repayment: Repayment terms vary from lender to lender. Most lenders offer flexible repayment options.
Refunds: Loan funds are applied to the student’s account, and any refund generated after the student’s balance is paid will be sent to the student by check.
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Below you will find a link to Great Lakes FASTChoice. In FASTChoice, the Great Lakes Higher Education Assistance Authority provides information about lenders from whom you may choose to borrow a private or alternative loan. You can select a lender and apply for a loan through FastChoice. You may borrow a private or alternative loan from any lender you choose, including lenders not listed in FASTChoice.
Note: Due to changes in federal regulations, the process for applying for an alternative loan has changed. Your lender must now require you to complete a self-certification form and return an approval disclosure to them before they can approve your loan. Make sure you read carefully all the information your lender sends you and return to your lender any necessary forms in a timely manner. Make sure you apply for an alternative in plenty of time before your bill is due; we recommend allowing three to four weeks to complete the process.
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