Private
Alternative
Loans

Private Alternative Loans

Before you and your family decide to borrow from a private lender we recommend you consider scholarships, grants, and federal student loans first. To determine if you are eligible for federal and state aid file the Free Application for Federal Student Aid (FAFSA) each year.

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.

If you would still like to apply for a private education loan at this time, please visit one or both of the following sites for a list of alternative lenders:

Note: 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.

FASTChoice - Great Lakes Educational Loan Service's Private Loan Selection Tool

Great Lakes Educational Loan Services, Inc. has a private education loan selection tool that provides basic information on private education loans and detailed listings of the various interest rates borrower benefits, fees and repayment options established by several private lenders.

FASTChoice-Great Lakes

Ohio Private Loan Marketplace

Private Student Loan Marketplace Once you have considered scholarships, grants and federal student loans, you can find a private student loan using the Private Student Loan Marketplace. The 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 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 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 Marketplace.

Since this loan selection tool is based on a credit report, it's important for borrowers to read "How It Works" -- Marketplace Private Lender Disclosure Information

Please know that you have the right to borrow through the lender of your choice. If you do not see your preferred lender on this list, please contact that lender directly to apply for a private alternative loan.

Contact

Financial Aid Office
419-824-3732
Toll Free: 1-800-878-3210
Fax: 419-517-8866
finaid@lourdes.edu

Office Hours
M–Th: 9 a.m.–5:30 p.m.
F: 8:30 a.m.–4:30 p.m.
Sat & evenings:
by appointment only