Alternative or Private Loans

Many private banks and lenders offer loans for financing educational costs. These are credit-based loans and students must complete the lender's application process. Interest and payment terms vary. Students may apply for an amount up to the Cost of Attendance (as calculated by the Financial Aid Office), minus other aid awarded. Students whose costs are higher than the estimates in the Costs of Attendance should contact their Financial Aid Counselor to see if a budget adjustment may be appropriate (see sections on Special Circumstances and Excessive Awards for more information). 

We recommend students exhaust all aid options before taking an alternative loan, including federal student loans (federal loans are generally less expensive). A FAFSA is not required for alternative loans. Students who wish to take an alternative loan and do not complete the FAFSA must complete private loan counseling with their financial aid counselor prior to receiving the alternative loan funds.

Lenders may require a co-borrower (co-signer), making payments while in school, or have other stipulations. Even if not required by the lender, students may choose to apply with a cosigner because it could reduce the interest rate. 

Students may choose to borrow from any lender. The Financial Aid Office regularly evaluates and maintains a preferred lender list for Graduate Students of those we believe provide the best loan products and services to students.