Alternative Loans

Alternative loans: commonly referred to as "private loans" or "commercial loans" are offered by banks and other private lenders to cover the costs of college not covered by other financial aid resources. A Credit Check is "ran" on the potential borrower, it is common to be required to have a co-signer of the loan. Interest rates are variable by borrower and based on many factors that the lender deems relevant.

Alternative loans are intended for students whose:

• student's financial aid doesn't cover the full cost of higher education (Cost of Attendance is considered in need) or,
• student may not be enrolled in a financial aid eligible program or,
• student may not be eligible for financial aid for other reasons.

Depending on individual circumstances, a parent may also be able to borrow alternative loans to help pay for a child's college expenses.

There are many companies that offer alternative loans. As a wise consumer you should shop around and investigate what lender offers the best loan to meet your needs. You may choose any lender you wish.

In considering a lender you should look at the interest rates, repayment period, "reward" options, the quality of their customer service and amount eligible to borrow within specific time frames.  All of these considerations will help you find the best loan to meet your educational needs.

Lakeview College of Nursing does not sponsor or endorse any lender.  As a consumer you should research your options and use your best judgement to choose a lender. We strongly suggest that students contact us to discuss the Federal Stafford loan program and what advantages concerning interest rates, repayment options and other consumer information that may make it a better choice for borrowing funds for educational expenses. A parent of an undergraduate student also has the option of borrowing on their son/daughter's behalf for education expenses called the Federal PLUS program, this program may also have advantages for the consumer when comparing to an alternative loan. Each of these Federal loan programs require that the Free Application for Federal Student Aid (FAFSA) be completed and verified to be accurate before the loan can be certified and processed. Student's can also research this information on their own at the Department of Education's Web page. Click here