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| ALTERNATIVE (PRIVATE) LOANS |
| We
strongly recommend that you use an alternative loan as a measure of
last resort and pursue all of your Federal Loan options first. Alternative education loans are private loan programs offered through banks for the purpose of supplementing a student's financial aid package. They are not federally endorsed or guaranteed, but they must be certified, or approved, through the SU Office of Financial Aid and Scholarship Programs to ensure that the loan does not exceed your cost of attendance (budget) minus all other financial aid. Alternative loans are borrowed by the student but generally offer the option of applying with a co-signer such as a parent. They are based on creditworthiness, so the initial step in applying is a credit check with the lender. Since the loans are not federally endorsed, each lender's loan program is different: Each loan varies on interest rates, fees charged, the amount you may borrow (minimum and maximum), repayment terms, and repayment benefits. |
|
Choosing
an Alternative (Private) Loan
There are a number of different alternative loans available. Alternative loans vary widely from product to product, so it is important to research a few loans and compare them before making a borrowing decision. We are providing the following information as a resource to help you in selecting the right loan for your situation. You may choose any lender from which you are eligible to borrow. Syracuse University does not recommend lenders. Many lenders will not be able to provide specific interest rates or fees until you go through a credit check because these details depend on your credit score. Shopping around by applying for multiple loans results in multiple credit checks, however, if the credit checks occur within a 30 day period, it will have little to no impact on your credit score. It is wise to compare different loan products to determine which loan best suits your financing needs. It may be helpful to view a list of the various alternative loan lenders from 07-08 and 08-09 which SU students have previously borrowed. We also offer examples of issues that may be important to you when selecting an alternative loan. In addition, please read the Federal Trade Commission Guide on Avoiding Deceptive Student Loan Offers. To assist you in making your borrowing decision, you may also use private loan comparison web sites such as StudentLoanListings.com and StudentLendingAnalytics.com. |
| How
to Apply for an Alternative Loan You
do not need to file a Free Application for Federal Student Aid (FAFSA)
to apply for an alternative loan. However, we strongly recommend
that your file your FAFSA and exhaust all federal loans before applying
for an alternative loan. |
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comments on this web site, please contact sbluke@syr.edu
|
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© 2007 Syracuse University. All rights reserved. |