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Alternative or private loans are designed
to help students who need additional assistance with educational
costs. In most cases, it is advantageous for students to pursue
Unsubsidized Federal Stafford Loans and for parents to pursue Federal
PLUS Loans (or Grad PLUS Loans for
graduate students) before seeking alternative loans. A major advantage
of these programs is that the federal government caps the interest
on the loans. Additionally, alternative loans typically do not offer
the same benefits as federal loans, such as consolidation, service
cancellations and military repayment.
If assistance beyond what is available
through the federal loan programs is desired, there are a number
of private lenders who offer alternative loans to cover educational
expenses. Loan approval is generally based on creditworthiness and
ability to repay - for students, a credit-worthy, employed cosigner
may be required. Each lender offers different rates, fees, repayment
terms, and approval requirements. To get the best rates and terms,
it is strongly suggested that you obtain a cosigner with a good
credit rating.
How to Apply for an Alternative
Loan
Clemson University regularly uses
the following alternative loan programs: (Click to start the application
process online).
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