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Private or Alternative Loans

Private, sometimes called alternative, loans are loans that students and families may be eligible to receive to help meet the cost of education not met by their personal or other financial aid resources.

These loans are not part of the Federal Family Educational Loan Program and eligibility is based on the applicants' credit score. Although many of these loans offer similar benefits as the federal loans (in school deferments, etc.) they can not be consolidated with your other federal loans so you will, if you borrow from the federal loan programs as well, have multiple loan payments when you graduate or enter into repayment.

As is the case with the federal loans, there are numerous lenders and loan programs for you to choose. Choosing a lender is your responsibility and, particulary with alternative/private loans, we strongly encourage you to research all of the available loans before making your decision. Please keep in mind that, although these loans are not federal loans, they still must be paid back and they will be considered part of your financial aid package.

Please visit our Choosing a Lender Resource Center before you borrow!