Alternative Loan Information

Alternative loans can provide funding to students who are unable to meet the cost of education through other types of aid such as grants, scholarships, and federal loans. Out-of-State students, students attending an International Program, or students who have reached their maximum Stafford limit might need to turn to Alternative loans for assistance. We encourage students to research and apply for all possible forms of financial assistance before turning to a private loan -- apply for grants, scholarships, assistantships, fellowships first. Use private loans only to assist you with educational costs that you cannot cover with other financial aid.

Alternative loans are loans made to a student by a lender based on credit history. Alternative loans are not federal loans; the government does not guarantee the loan, guarantee approval, or regulate processing. Approval for an alternative loan may require a co-borrower or co-signer.

Alternative loans are a form of assistance that must be paid back. Alternative Loans are considered financial aid because cost of attendance and enrollment are certified by the school to the lender, and the loans must be considered as a resource in determining the eligibility for other aid.

Borrow only what is necessary to actually pay for your educational expenses (tuition, fees, supplies, room, board).

Many large lenders process Alternative loans. Carefully review terms and options before you apply for any alternative loan, and be sure to apply for all federal, state, and institutional aid that you may qualify for before you apply for an alternative loan. For information on federal, state and institutional aid, visit our home page at www.financialaid.fsu.edu