Private Alternative Education Loan

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 based on the creditworthiness of the borrower and/or co-signer, if applicable. SMC works with all alternative lenders, but has found that the loans and lenders below offer exceptional customer service and competitive interest rates. 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?
• 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?

Finally, review SMC's Alternative Private Education Policies and Procedures before applying for one of these loans:

• The Sallie Mae Smart Option Student Loan
• The Wells Fargo Collegiate Loan
• PNC Bank