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.
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.
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.
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.