Private Education Loans (Alternative Loans)
Federal loans may not be enough to cover all of your school-related expenses. After you have received all of your federal loan eligibility, you may consider applying for a private education loan (also called an alternative loan). Here are some things you should know before you borrow a private education loan:
- Most private eduation loans charge higher interest than Stafford or Perkins loans
- Each private eduation loans has their own unique terms and conditions.
- Most private eduation loans require at least 6 credits and an eligible cosigner.
- Private eduation loans cannot exceed your cost of attendance including grants, loans, scholarships, and other financial resources.
There are many lenders who participate in this type of funding. The Utah State University Financial Aid office does not endorse any specific lenders. We provide the links below as places to start in your search for additional loan funding. Please take the time to carefully research the terms and conditions of each lender before deciding on which alternative loan to borrow.
ELMSelect.com offers an up-to-date comparison of USU's five most used private eduation loan programs.
SimpleTuition.com offers an up-to-date comparison of several private eduation loan programs.
FinAid.org offers a comprehensive overview of private eduation loan programs.
If you have general questions about private education loans, contact your financial aid counselor for assistance. For specific details you will need to contact the private education lender directly.