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Alternative loans are private loans offered by lending institutions

They should be treated as a last-resort option. They are not part of the federal government’s Direct Loan program. The interest rates and repayment terms with alternative loans are generally less favorable than those of the federal student loan programs.

We encourage you to file the Free Application for Federal Student Aid (FAFSA) in order to be considered for all other available aid programs and that you first utilize any grants quick easy payday loan online, scholarships, work-study and Direct loan eligibility before considering alternative loans.

If you need additional funding to supplement your financial aid and scholarship package, alternative student loans are an option.

Maximum Loan Amount

The maximum amount you can borrow is the cost of attendance minus any financial aid (grants, work-study, federal student loans and federal parent loans) you receive. Be aware that the amount certified by Texas State may, in order not to exceed your cost of attendance, be less than the amount you requested on your initial application.

Selecting the Best Loan

To be sure you choose the right alternative loan, you will want to consider the following:

  • Does my school have to certify the application?
  • Do I need a cosigner?
  • How strict are the credit requirements?
  • How long does the application process take?
  • How will I receive my loan funds?
  • When will my first payment on my loan be due?
  • Does the loan have an annual or aggregate limit?
  • How much in total loan fees will I pay?
  • What is the current interest rate and how is it calculated?
  • How long is the repayment period?
  • What are my repayment options?
  • Do I have any deferment options?
  • Do I have a grace period with this loan? If yes, how long?

Texas State does not recommend any specific lenders for private alternative loans. If you believe that an alternative loan may be best for you, we recommend comparing the loan products and lenders to find the best interest rate and repayment options for your situation. Continua a leggere