Alternative Loans
Alternative loans are available to help students meet education costs not covered by federal, state, institutional financial aid, and personal resources. These are loans provided by a bank, require a credit check, and usually require a cosigner.
If you decide to use an alternative loan, please select one of our preferred lenders. If you select a preferred lender, the amount of your alternative loan will be reflected on your student bill. Students who select a non-preferred lender will need to pay the amount of their alternative loan up front and be reimbursed once the loan proceeds are received.
Once you are approved for a loan, review the interest rate and fees that will be charged for yor loan.
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 determing the amount that you need to borrow.
Example: School balance = $5,000. 3% fee Gross loan amount to request: $5,000/.97 = $5,154.
Click here to access a comparison chart of lenders.
NOTE: We are currently reviewing lenders for the 2008-2009 school year. This link will be reactivated when the process is complete, approximately late-April.
Click here to apply for a CitiAssist, MI-Loan, or Key Alternative Loan. Remember to account for
loan fees.
NOTE: Online applications will be available when the lender review process is complete, approximately late-Apriil. If you need a loan for Spring 2008, please call our office at 616-222-1424.
**Please note that the MI-Loan program has been temporarily suspended by the State of Michigan as of February 15, 2008 due to funding issues with the program as a result of the "current...capital market disruption." At this time, we do not have information as to when the program may again be available.**
Click here to calculate loan payments.
Click here for other loan calculators.
Click here for a salary to debt analysis.
Click Federal Parent Plus Loans for information on parent loans. To apply, click on the name of the bank.
