Alternative Loans

Alternative loans or private loans can be used to make up the difference between the cost of your education, your Financial Aid Award and Federal loans. When shopping for a lender, students should review all of the terms and conditions carefully since they can vary significantly from one institution to another. Some considerations when selecting a lender include: interest rates; guarantee and origination fees; how often the interest is capitalized (how often interest is added to the principal to create a new balance on which future interest is calculated); how long does it take to process a loan; is there a grace period and how long is it; what are the credit criteria; is a cosigner required; are there incentives in repayment such as interest rate rebates for timely repayment; and are there deferment options.

GradPlus Loan (for U.S. citizens) The GradPlus loan is available to domestic students after they have exhausted the Stafford and Perkins loans. The GradPlus loan is offered by many lending institutions, but their terms and conditions vary significantly. Students considering a GradPlus loan should shop around to find a program that best suits their financial needs. For help in selecting a lender, please contact the Graduate School Financial Aid Office, and we will provide you with a partial list of banking institutions to help you make your choice.

International Loans (for international students) International students in the Graduate School of Arts and Sciences interested in applying for an alternative loan may contact the Graduate School Financial Aid Office.