Alternative Loans for Students
How to Apply
To apply for an Alternative Loan, the borrower will need to apply through the lender’s website. Our office will receive the application electronically from the lender. You may find a lender on your own or choose one through our Alternative Educational Loan Lender Comparison List. The lenders on our commonly used lenders list were chosen for their good service to students, and you may filter the lenders based on your situation. We will, however, process any loan application from any lender the borrower chooses. Carefully choose the lender that best meets your needs. It can take up to four weeks from the date of school certification to disburse to the student’s account.
Eligibility
Each private loan program has different eligibility requirements such as admission status, hours of enrollment, Satisfactory Academic Progress status, etc. In addition, some private loan lenders allow you to borrow to cover a past-due balance from a prior term (up to the bill amount for that term). Some require current enrollment and some do not. Confirm your eligibility before applying.
Loan Fees
Most lenders offer no application or origination fees.
Current Interest Rates
Interest rates for Alternative Loans will vary based on the terms of the loan determined by the lender you choose. You may select between competitive variable or fixed interest rates. Check with your lender for the interest rates of your loan.
How Will I Receive My Loan?
SIUE will first apply loan funds to the student’s account to pay for tuition, fees, room and board, and other school charges. Any excess funds will result in a refund that will be disbursed to the student. All refunds are disbursed by the Office of the Bursar.
When Will Repayment Begin?
Repayment will vary based on the repayment plan chosen at the time of application. Carefully review your repayment options when applying.
Beware of Suspicious or Unsolicited Loan Offers
SIUE students should avoid lenders that don’t require SIUE to certify their loan application and should be suspicious of unsolicited loan offers. The SIUE Office of Financial Aid cautions students that loan debt can accumulate quickly and result in a lifetime burden of high payments and credit denials for automobile purchases, credit cards and home mortgages. Private loans also can reduce eligibility for more desirable federal, state and college aid programs.
To avoid these problems, read and understand the terms and conditions of all loans.
Parent Private Loans
Some private lenders are now offering a Parent Private Loan for undergraduate and graduate students. The Parent Private Loan allows credit-worthy parents, family members or friends to help students cover educational expenses. The maximum Parent Private Loan amount you can borrow is the Cost of Attendance minus all other financial aid received. The student’s Cost of Attendance may be found on the student’s award letter on CougarNet. It is important that you only borrow what you need.
How to Apply
To apply for an Parent Private Loan, the borrower will need to apply through the lender’s website. Our office will receive the application electronically from the lender. You may find a lender on your own or choose one through our Alternative Educational Loan Lender Comparison List. The lenders on our commonly used lenders list were chosen for their good service to students, and you may filter the lenders based on your situation. We will, however, process any loan application from any lender the borrower chooses. Carefully choose the lender that best meets your needs. It can take up to four weeks from the date of school certification to disburse to the student’s account.
Eligibility
Each private loan program has different eligibility requirements such as admission status, hours of enrollment, Satisfactory Academic Progress status, etc. In addition, some private loan lenders allow you to borrow to cover a past-due balance from a prior term (up to the bill amount for that term). Some require current enrollment and some do not. Confirm your eligibility before applying.
Loan Fees
Most lenders offer no application or origination fees.
Current Interest Rates
Interest rates for Alternative Loans will vary based on the terms of the loan determined by the lender you choose. You may select between competitive variable or fixed interest rates. Check with your lender for the interest rates of your loan.
How Will I Receive My Loan?
SIUE will first apply loan funds to the student’s account to pay for tuition, fees, room and board, and other school charges. Any excess funds will result in a refund that will be disbursed to the student. All refunds are disbursed by the Office of the Bursar.
When Will Repayment Begin?
Repayment will vary based on the repayment plan chosen at the time of application. Carefully review your repayment options when applying.
Beware of Suspicious or Unsolicited Loan Offers
SIUE students should avoid lenders that don’t require SIUE to certify their loan application and should be suspicious of unsolicited loan offers. The SIUE Office of Financial Aid cautions students that loan debt can accumulate quickly and result in a lifetime burden of high payments and credit denials for automobile purchases, credit cards and home mortgages. Private loans also can reduce eligibility for more desirable federal, state and college aid programs.
To avoid these problems, read and understand the terms and conditions of all loans.
