|Choosing an alternative loan lender is an important aspect in securing additional financial aid resources. The Office of Financial Aid and Veterans Affairs recommends that you borrow from one of the lenders listed below because of their automated processing through either ELM Resources or Open Net, their commitment to providing quality service to their borrowers, and their repayment incentives for helping students manage their loan debt, The Office of Financial Aid and Veterans Affairs encourages your selection from this list, but it is not required. Our office will process your loan regardless of your lender choice; however, we may need additional information concerning your lender if your lender is not established in our system.|
Alternative Loans are available to students who are not eligible for financial aid or who need additional funds to meet educational expenses. The student's eligibility is determined by the cost of attendance minus other financial aid or the annual loan maximum amount as determined by the lender.
Because alternative loans are not guaranteed by the federal government, they must be insured privately. This extra cost is passed on to the borrower in the form of higher fees and interest rates. In addition, the lender will look at your credit history as well as other factors to determine if they will lend to you. You may be denied by one lender and approved by another because of the different ways they interpret your information.