Many lenders offer loans outside the federal loan program called "private" or "alternative" loans. These loans allow you to borrow money to cover the gap between the cost of your education and the amount of financial aid you receive in the form of grants, scholarships and federal student loans. Eligibility requirements, terms and conditions for these loans vary by lender.
Since alternative or private loans can have higher interest rates and may offer fewer flexible repayment options, you should consider them only after you've exhausted all of your federal loan options.
Publications and forms are provided in PDF format. Adobe Reader 5.0 or higher is required to view the documents. You can download the Adobe Reader for free at http://www.adobe.com/products/acrobat/readstep2.html.
Publications |
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"Private Student Loans: A Guide to Responsible Borrowing" Brochure — educates students about the difference between federal and private loans |
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"Private Student Loans: Understanding the Cost of Borrowing" Brochure — educates students about basic financial terms, finance charges, compound interest and the importance of considering the annual percentage rate (APR) when comparing loans |
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