Alternative loans are state and private educational loans available through lending institutions. Students should pursue all possibilities for scholarships, grants, work-study and federal loan programs before borrowing from an alternative loan program.
When choosing a private education loan, you should compare the loan terms offered by several programs in order to choose the best fit for your situation. If you have any questions, your counselor is available to assist you, feel free to contact your counselor at any time for questions.
Things to consider when researching Alternative Loans:
- these loans will require a credit check
- these loans MAY have fixed interest rates & others will be variable
- there could be fees attached to the loan, dependent upon your credit score or your cosigner's credit score
- you maybe required to have a credit worthy cosigner
- repayment terms
Most lenders have direct links to their alternative loan application via their website, to view these please click here. This list is by no means exclusive. If you wish to borrow from a lender not on this list, you may do so. Another resource for finding active private education loan programs is FinAid.org.
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. You may also download the form HERE.
In Section 2 of the self-certification form, you will be asked to provide the following three 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, 'Total' row.
If you have trouble locating these figures, please contact the Office of Financial Aid for assistance.