Alternative Loans

Alternative student loans are offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and the amount of financial aid received. These are private supplemental loans that are NOT guaranteed by the federal government. Terms and conditions can vary according to specific lender guidelines.

Alternative loans are offered by a wide variety of lenders, and each lender offers different programs with varying terms. Most lenders have informative websites, and Lincoln College encourage students to visit each lender's site. Students can apply for alternative student loans as a supplement to traditional federal and state sources of financial aid. Lincoln College encourages all students to apply first for federal and state financial aid. Alternative loans may provide the resources for educational expenses not covered by received federal and state aid. The actual amount a person can borrow varies according to each student's individual financial circumstance. Other variables include the cost of attendance, financial aid resources, and loan limits imposed by the lender.

Unlike federally guaranteed student loans, lending institutions that offer alternative student loans may impose certain requirements. In most cases a student must have a good credit history, a low debt-to-income ratio, and a co-signer may be required. Since a credit check is likely, not everyone is approved for an alternative loan.

Students and parents may apply for these loans through their own initiative. The Lincoln College Financial Aid Office does not originate any applications or paperwork. Since the lender must determine eligibility for the loan, students and parents must apply early to ensure that the loans will be approved by the time each semester's bill is due. You may apply by one of the following ways:

• Visiting the lender's website to apply online (We recommend this method.)

Possible providers for alternative loans include the following:

Bank of America Private Loans www.bankofamerica.com/studentloans 1-800-344-8382

ChaseExtra
www.ChaseStudentLoans.com/ChaseExtra 1-800-242-7339

CitiAssist Undergraduate Loans
www.studentloan.com 1-800-967-2400

National City Undergraduate Loan
www.studentlender.com 1-800-622-5097

Teri Education Loans
www.teriloans.com 1-800-255-8374 (TERI)

Updated 10/24/07

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