Student Financial Aid & Veteran's Educational Benefits
Alternative Loan Programs
Alternative loans: commonly referred to
as "private loans" or "commercial loans" are offered by banks and other
private lenders to cover the costs of college not covered by other
financial aid resources. A Credit Check is "ran" on the potential
borrower, it is common to be required to have a co-signer of the loan.
Interest rates are variable by borrower and based on many factors that
the lender deems relevant.
Alternative loans are intended for students whose:
-
student's financial aid doesn't cover the full cost of higher
education
(Cost of Attendance is considered in need) or, - student may not be enrolled in a financial aid eligible program or,
- student may not be eligible for financial aid for other reasons.
Depending on individual circumstances, a parent may also be able to borrow alternative loans to help pay for a child's college expenses.
There are many companies that offer alternative loans. As a wise consumer you should shop around and investigate what lender offers the best loan to meet your needs. You may choose any lender you wish.
In considering a lender you should look at the interest rates, repayment period, "reward" options, the quality of their customer service and amount eligible to borrow within specific time frames. All of these considerations will help you find the best loan to meet your educational needs.
Danville Area Community College
does not sponsor or endorse any lender. As a consumer
you should research your options and use your best judgment to choose a
lender. We
strongly suggest that students contact us to discuss the
Federal Stafford loan program and what advantages concerning interest
rates, repayment options and other consumer information that may make
it a better choice for borrowing funds for educational expenses. A
parent of an undergraduate student also has the option of borrowing on
their son/daughter's behalf for education expenses called the Federal
PLUS program, this program may also have advantages for the consumer
when comparing to an alternative loan. Each of these Federal loan
programs require that the Free Application for Federal Student Aid
(FAFSA) be completed and verified to be accurate before the loan can be
certified and processed. Student's can also research this information
on their own at the Department of Education's Web page.
Click
here
>>Tuition
Rates and Costs
>>How
to Pay For College
>>Bookstore
>>Financial
Aid
>>Payment Plan (NBS, formerly FACTS)
>>Scholarships
Click on the Spot to access
the Student Portal to Online Technology!