Student Alternative Loans

When is a student alternative loan appropriate?

When you have exhausted your maximum borrowing eligibility through the Federal Direct Subsidized and Unsubsidized Stafford Loans, as well as considered the HES Payment Plan, and the Parent PLUS Loan, you may want to consider a student alternative loan (non-federal loan program). The student is the borrower for the alternative loans; however, in almost all cases, a credit-worthy cosigner is required. Having a credit-worthy cosigner will also likely reduce the cost of the loan (interest rate, up front and back-end fees, etc.) Please be aware that the cosigner is fully responsible for repaying the loan should the borrower stop making payments. There are some alternative loan products that offer a cosigner release option after a specified number of on-time payments are made and the borrower is credit-worthy.

The Financial Aid Office strongly encourages you to borrow Federal student loans first and then consider the HES Payment Plan and/or the PLUS Loan before applying for a student alternative loan.

How do I select a student alternative loan?

LVC has partnered with SimpleTuition to provide you with a powerful student alternative loan comparison tool. The loan products included on this site are recommended by LVC; however, please be aware that you are free to conduct your own research and comparison of alternative loan products and select any lender of your choice. Below is a list of lenders included on LVC's customized SimpleTuition website and information each lender is required to share with potential student borrowers. To compare loans among these lenders, please click the SimpleTuition icon below.

Chase

Citibank

Citizens Bank - variable interest rate and fixed interest rate

Discover

Member's First Federal Credit Union

PNC Bank

NJ Class - NJ residents only

Sallie Mae

U.S. Bank - variable interest rate and fixed interest rate

Wells Fargo - fixed and variable interest rate loans available 

New students - you should NOT apply for a student alternative loan prior to April 1, 2011 for the 2011-2012 academic year. Filing prior to this date may result in your credit approval expiring.

Returning students - you should NOT apply for a student alternative loan prior to receiving your award package in early July.

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During the application process, the lender will request you complete the Applicant Self-Certification Form. It is a standard form you may download from this site or wait until the lender provides the form to you. There is also a hard copy available in the Financial Aid Office. In addition to demographic information, there are 2 pieces of information needed to complete the form. Both may be found in your financial award package:

1. Student Cost of Attendance - found at the top of page 2 which is titled Award Descriptions.
2. Estimated Financial Assistance - found on page 1 below the types and amounts of aid.

Please return this form to your lender. LVC does not collect or process this form. You may contact the office if you need assistance completing it.