Private Alternative Loans

If you are currently enrolled in a program or a class that is not eligible for federal or state aid such as:

• Early Childhood Generalist Endorsement, Grades 4 & 5
• EDU 501, EDU563, or EDU 599

You may wish to apply for a private alternative loan to help with tuition. If you are not enrolled for at least six credit hours, be sure to choose a lender that does not require you to be enrolled at least half-time.

Before taking this next step to apply for a private alternative loan, there are a few things you should consider.

1. Have you filed your Free Application for Federal Student Aid (FAFSA)? 
2. Did you receive your award letter from Lourdes Financial Aid Office (FAO)?
3. Have you accepted the offered aid on your award letter from Lourdes FAO?

The reasons we recommend these considerations are:

1. Often a student is eligible for some types of aid that do not need to be repaid such as federal and state grants and scholarships.
2. In most situations it is also possible for a student to receive some type of Federal Stafford Student Loan. Stafford loans often have better interest rates and more favorable repayment and loan forgiveness terms than private alternative loans.
3. A PLUS loan may be available to your parents which also have better repayment terms and often lower interest rates.

While it is not required to complete a FAFSA, we strongly recommend that you consider completing a FAFSA to determine your eligibility for some of these programs before we certify a private alternative loan.

If you would still like to apply for a private alternative loan, please visit the Private Alternative Loan Application website. You are not restricted to using the lenders on this list; these are merely lenders that have provided us with information about their private alternative loan programs.

If you do not see your preferred lender on this list, please contact that lender directly to apply for a private alternative loan.

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