Private Alternative Loans and Parent PLUS Loans
Alternative and Parent PLUS loans are available to help students meet education costs not covered by federal, state, institutional financial aid, and personal resources. These loans are provided by a bank, require a credit check, and usually require a cosigner.
If you decide to use an alternative loan, we encourage you to select one of our primary lenders. If you select a primary lender, the amount of your alternative loan will be reflected on your student bill. Students who select a different alternative lender will need to pay the amount of their alternative loan up front and be reimbursed once the loan proceeds have been received.
Once you are approved for a loan, review the interest rate and fees that will be charged for your loan. PLUS loan fees are fixed at 4% while alternative loan fees will vary.
Applications for alternative loans should be completed by July 15 for Fall semester (Dec 15 for Spring semester). Applications completed after July 15 (Dec 15 for Spring semester) may cause delays in the loan approval. Loans not approved by August 1 for Fall semester (Jan 1 for Spring semester) may result in late fees on the student account.
Remember to account for loan fees for PLUS loans when determining the amount that you need to borrow.
Example: School balance = $5,000 with 4% fee. Gross loan amount to request: $5,000/.96 = $5,208.
Click here for a list of lenders for the 09-10 school year and to apply for an alternative loan. You will be directed to an external site and may return when you complete the process. Once on that site, select the Private or Parent PLUS tab for information regarding alternative loans.
Please note that lender rates and fees are subject to change. We recommend that you review lender information prior to applying for a loan.
Click here to apply for an alternative loan.
Click here to calculate loan payments.
Click here for other loan calculators.
Click here for a salary to debt analysis.
You may check your eligibility for a Parent Plus Loan through a pre-screen process with Citibank. If you qualify and you wish to apply for a Parent Plus Loan, you must complete the full application process with the lender of your choice. Click here to begin the pre-screen process. You may also complete the pre-screen process over the phone by calling 800-967-2400.
