Private Alternative Education Loan
SMC will process a loan application from any alternative lender.
Complete list of private student loan lenders
We first encourage you to submit a FAFSA for the current academic year to learn if you qualify for government grants and other types of financial aid. We also recommend borrowing from the Federal Direct Loan program before considering a private alternative loan.
Private Alternative Educational Loans are student loans offered through agencies other than the federal government. These loans are largely based on the creditworthiness of the borrower and/or co-signer, if applicable. The student must select a lender and we encourage you to complete a web-based search for private loans and investigate all funding options and lender differences prior to applying.
Before you apply for or accept a Private Alternative loan, you should ask yourself the following questions:
- How much do I actually need to borrow for my education?
- What is the interest rate, and is it fixed or variable?
- Are there application, processing and/or disbursement fees?
- How long do I have to repay the loan?
- When does repayment begin?
- How long has the lender been in business?
- What borrower benefits are offered and are those subject to change?
- What options are available for consolidation?
More information about Private Education Loans
Before applying for an alternative loan, please discuss all of your options with the Financial Aid Office.