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Alternative/Private Loans

 

First -- have you applied for Federal Student Aid?

Before considering private educational loans, it's important to apply for all other types of aid. Complete the Free Application for Federal Student Aid (FAFSA) to apply for federal, state and instiutional grants, federal work study, and low-interest federal loans.

We encourage students to research and apply for all possible forms of financial assistance before turning to a private loan. Use private loans only to assist you with educational costs that you cannot cover with other financial aid. For more information on other types of aid, please click on the scholarship, grant, and federal loan links on our main page.

Alternative/private educational 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/private educational loan may require a co-borrower or co-signer.

Alternative/private educational loans are a form of assistance that must be paid back. Alternative/private educational 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/private educational 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 through the FAFSA before you apply for an Alternative/private educational loan. For information on federal, state and institutional aid, visit our home page at www.financialaid.fsu.edu