Private Loans
Many educational loan lenders offer commercial, cost-based educational loans to credit worthy applicants.
Private alternatives (otherwise known as commercial) loans are offered by many private banks or lenders and are borrowed for education expenses not covered by other sources of financial aid. Students are strongly encouraged to utilize all of their federal student loan eligibility before seeking an alternative student loan.
- Annual alternative loan amounts are limited to a student's total cost of attendance less other financial aid received.
- Students must be enrolled at least half-time and be a U.S. citizen or a permanent resident or provide a U.S. cosigner.
- Alternative loans are unsubsidized and carry a variable interest rate. Interest rates are determined by the lending institution and may change as often as every 30 days and may have no interest rate cap.
- Alternative loan approval is based upon the student's credit history. Credit history may also affect the interest rate.
- Each alternative loan lender has their own credit criteria, application process and maximum lifetime borrowing limits.
- Alternative loans may not be consolidated with any federal loans and must be repaid separately.
Please note that due to recent changes in federal regulations, the Law Financial Aid Office is not allowed to offer recommendations on any lending program. However, we recognize that students need resources for types of loans. We have provided this independent web site that offers a current listing of all private alternative loans. Students are encouraged to use the resources from the web site to research the terms of the various programs to make an informed selection.