Loans with U.S. Cosigner

Alternative education loans are offered through banks, many credit unions, and states to help bridge the gap between financial aid and the cost of education. Alternative loans are not federally sponsored or guaranteed; therefore, the FAFSA is not required. Students should apply for alternative loans only if additional funding is needed after applying for all federal student and parent loans.

Alternative loans must be certified or approved by the Office of Financial Aid and Scholarship Programs to ensure the loan does not exceed the cost of attendance minus all other financial aid.

Interest Rate: Varies by lender

Loan Fees: Varies by lender

Credit Check: Yes

Cosigner Required: Varies by lender, but usually yes

Annual Loan Maximum: Total cost of attendance minus all aid resources and loans received.

Lifetime Loan Maximum: Varies by lender

Repayment Begins: Varies by lender

Repayment Terms: Varies by lender

Eligible for Loan Deferments or Forbearances: Varies by lender

Eligible for Federal Consolidation: No

Eligible for Alternative/Private Loan Consolidation: Varies by lender

Interest Payments Eligible for Federal Tax Deduction: Check with a tax advisor

To assist you in making your borrowing decision

You may use private loan comparison web sites such as the National College Finance Center. You may choose any lender from which you are eligible to borrow. Syracuse University does not recommend lenders.

Contact your alternative lender directly to begin the application process. Once your completed application has been credit approved, your lender will electronically transmit it to our office for certification.

Once we process your application, the amount of your loan will be available on “My Financial Aid” on MySlice.

New federal regulations require all students that apply for an alternative/private loan to complete a Private Education Loan Application Self-Certification form. Your lender will require this form as part of your application process. The form can be submitted by fax, paper, or electronically depending on your lender. The form requires you to submit your cost of attendance, estimated financial assistance and the difference between both. All of this information can be found on “My Financial Aid” on your MySlice account. Submit this form directly to your lender, not to Syracuse University.

To Decline Your Federal Loan/Reduce the Loan Amount

To reduce the loan amount or decline the loan completely, students must notify the Office of Financial Aid and Scholarship Programs by completing the Loan Reduction/Cancellation Form.