Private Loans/Alternative Loan Programs

Private loans, also known as alternative loans, are available for students who require additional funding. The annual maximum loan limits for most private loans is the difference between the cost of attendance and any other financial aid received for the academic year. 

Unlike the federal loan programs, alternative loan programs are consumer loans for students and therefore:

• Require borrowers to demonstrate good credit histories as part of the eligibility requirements. 
• The terms/cost of private loans vary between lenders. It is important to understand that alternative loans have a variable interest rate while the Grad-Plus loan interest rate is fixed at 8.5% for the life of the loan.

You are entitled to receive one free credit report file every 12 months from each of the nationwide consumer credit reporting companies. You may obtain your free credit report from www.annualcreditreport.com or by calling

1.877.322.8228. 

If you would like a copy of your credit score, you must purchase it. Used by a lender to help determine whether a person qualifies for a particular credit card, loan (such as a private loan) or service. Generally, the higher the score, the less risk you represent and the better rates you will be offered. The credit score may also be purchased through www.annualcreditreport.com or by contacting one of the three nationwide consumer credit reporting agencies:

• Equifax - 800.685.1111    www.equifax.com
• Experian - 888.397.3742   www.experian.com
• Trans Union - 800.888.4213   www.tuc.com