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Alternative Student Loans

Private loans, also called altnerative loans, are credit-based consumer loans that can be used for any education-related purpose, including books, tuition, room, board, lab fees, and transportation.  In general, private loans cover the total cost of education minus any financial aid you've received.  They require no collateral, and they offer many of the same benefits as federal student loans.

Private student loans should be used only after you have used all available federal Stafford and/or Perkins loans.  Private student loans will typically have a higher interest rate.

OC highly recommends students use a co-signer when applying for a private student loan.  In almost all cases, co-signers will help reduce the interest rate of the loan.  Interest rates are determined by the student's and co-signer's credit history.

Alternative Student Loan Lender List