x

Alternative

Print Friendly

Alternative

What is the interest rate on the Alternative Loan?

Print Friendly

The interest rate for the Alternative loan is dependent on the creditworthiness of the borrower and co-signer. The interest rate may be variable (fluctuates quarterly with the credit market) or fixed, depending on the lender. Several lenders offer borrowers the option of selecting a fixed or variable rate loan.

What is an Alternative Loan?

Print Friendly

The Alternative Loan is a credit-based private (non-federal) student loan where the student is the borrower. Alternative Loans help pay for educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged the life of the loan.

What are the eligibility requirements?

Print Friendly

Students must be U.S. citizens or permanent residents. Students generally must apply with a creditworthy cosigner. International students must apply with a U.S. citizen co-signer, must have U.S. mailing address and valid social security number.

What is the miminum amount I can borrow?

Print Friendly

Generally, the miminum loan amount allow by our recommended lenders is $1000.

Can I borrow if I am non-degree seeking?

Print Friendly

Most of our recommended lenders provide loans to students who are non-degree seeking.

Can I borrow if I am enrolled less than half-time?

Print Friendly

Yes. Our recommended lenders provide loans to students who are enrolled less than half-time.

Can I borrow to cover charges for a prior enrollment period?

Print Friendly

Yes. Most of our recommended lenders provide loans to cover balances for a prior enrollment period if fewer than 6 months has passed from the prior enrollment period end date to the first disbursement of the loan.

Can I borrow if I am not making satisfactory academic progress?

Print Friendly

Yes. Most of our recommended lenders provide loans to students who are not making satisfactory academic progress.

Are there fees associated with the Alternative loan?

Print Friendly

Most of our recommended lenders have zero origination, disbursement or early repayment fees.

Can I cancel an Alternative Loan after I have applied?

Print Friendly

Yes. You may cancel your Alternative Loan during the Rescission Period (This period is 7 to 10 business days from the date the lender mailed you the Final Disclosure Notice and is prior to the first disbursement) without penalty. After your loan is disbursed, you may request the school cancel all or part of your loan within certain timeframes.

Can I postpone Alternative loan payments while I am in school?

Print Friendly

Most of our recommended lenders require no payment while you are enrolled in school and offer a 6 month grace period after you graduate or discontinue enrollment.

How do I apply for an Alternative loan?

Print Friendly

You may apply with a lender from our Recommended Lender List by going to http://www.oru.edu/financial_assistance/ You may choose a lender from the list provided. You will be re-routed to the lender’s website, where you can begin the application process.

Can I get an alternative loan to cover charges for a prior enrollment period?

Print Friendly

Yes. Most of our recommended lenders provide loans to cover balances for a prior enrollement period end date to the first disbursement of the loan.

When will my alternative loan be posted to my award?

Print Friendly

After your loan has been lender-approved, we will receive notification from the lender of the approval and within three business days the private loan should be posted to your award. Please be aware that loans approved between Christmas and New Year’s Day will not be posted until after the holidays.

Leave a Reply