Alternative Loan Information
Lending institutions offer alternative loans to assist students in bridging the gap between college costs and traditional financial aid funding sources. These loans are private supplemental loans and are not guaranteed by the federal government. 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. Due to the credit requirements, not everyone is approved for an alternative loan.
Students are strongly encouraged to pursue all other types of aid, including federal loans, before applying for a private loan as grant money is free and federal loans have a lower, fixed interest rate. The maximum eligibility on an alternative loan is the total cost of attendance minus other aid received.
You have the right to select any lender of your choice, and we will process the application for you. We do not recommend specific lenders and have elected not to publish specific information on individual loans/lenders due to the fact that borrower benefits are subject to change without notice. Interest rates and loan terms vary greatly among lenders; you should look at all options when selecting a private loan. The best way to locate a lender is to do an internet search for "private student loans". Detailed information regarding a specific loan can be found on the lender's website or by contacting them directly. Due to legislative and economic changes in the student loan industry, we recommend that you contact a lender prior to submitting a loan application to determine if they are accepting applications from SJC students. There are certain lenders who have chosen to accept applications only for students attending specific institutions.
In addition to the alternative loan programs, Saint Joseph's College also works with the ISM Marketplace. The ISM Marketplace offers a comparison of several other lenders located throughout the nation. By submitting your information through the ISM Marketplace, you will be able to compare private loan terms and rates through this network of lenders.
The ISM Student Loan Marketplace is the only website that presents, side-by-side, the specific loan rates and terms you would see if you applied with each lender directly. You should then pick the private loan that is most appropriate for you and continue on to your chosen lender to complete the loan process. The ISM Marketplace will pull your credit report in order to instantly simulate the actual terms of loans available to you from local and national lenders - complete with APR, interest rate, total cost, monthly payment, borrower benefits, fees and repayment options. Your credit report will not be harmed by using the ISM Marketplace. Remember that only by completing the lender's application can you be sure to receive the product rate and terms you select in the ISM Marketplace.