Alternative loans are credit-based consumer loans that can be used for any educational related purpose. Most loans require that the applicant must have established credit history to be approvedThe University of St. Thomas does not endorse or promote any particular lender that offers private alternative loans. The University advises that this loan option be used as a last resort after all federal loan options have been exhausted.
Below is a historic list of loans and/or lenders from whom our students have borrowed over the past five years and it includes only those that continue to offer private alternative loans. You are free to choose any lender, regardless if they are listed. We encourage all students to extensively research all alternative loan providers.
Historic List of Alternative Loan Programs/To Apply
Things to consider when researching Alternative Loans
- These loans will require a credit check.
- These loans may have variable or fixed interest rates.
- There could be fees attached to the loan, dependent upon your credit score or your cosigner's credit score.
- You may be required to have a credit-worthy cosigner.
Repayment terms vary from lender to lender. Most lenders have direct links to their alternative loan application and information via their website. A resource for finding active private education loan programs is http://www.finaid.org/loans/privatestudentloans.phtml
Self-Certification Form — Regardless of which private loan program you choose, you will need to complete a self-certification form before receiving your first disbursement of loan funds. Your lender will probably provide this form to you during the application process.
In Section Two of the self-certification form, you will be asked to provide the following dollar amounts:
A. Student's cost of attendance for the period of enrollment covered by the loan.
B. Estimated financial assistance.
C. Difference between amounts A and B.
You can find the amounts for items A and B in your myStThom account. For item A, use the figure listed in your myStThom financial aid tab. This is the dollar amount next to Fed Year COA. For item B, this is the amount listed within the Aid Summary For Aid Year chart, under “Offered” column, in the “Total” row.
If you have trouble locating these figures, please contact the Office of Scholarships and Financial Aid for assistance.
The Certification Process
Once approved for an alternative loan, your lender will send our office a certification request. Once your loan amount has been approved and certified electronically by our office, your funds will be disbursed and will post to your student account. Before considering alternative loan programs, we encourage all students to first visit the.
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