Student Alternative Loans

When is a student alternative loan appropriate?

When you have exhausted your maximum borrowing eligibility through the Federal Direct Subsidized and Unsubsidized Stafford Loans, as well as considered the HES Payment Plan, and the Parent PLUS Loan, you may want to consider a student alternative loan (non-federal loan program). The student is the borrower for the alternative loans; however, in almost all cases, a credit-worthy cosigner is required. Having a credit-worthy cosigner will also likely reduce the cost of the loan (interest rate, up front and back-end fees, etc.) Please be aware that the cosigner is fully responsible for repaying the loan should the borrower stop making payments. There are some alternative loan products that offer a cosigner release option after a specified number of on-time payments are made and the borrower is credit-worthy.

The Financial Aid Office strongly encourages you to borrow Federal student loans first and then consider the HES Payment Plan and/or the PLUS Loan before applying for a student alternative loan.

You are responsible for repaying these loans. For a sample repayment schedule, contact the lender of your student alternative loan.

How do I select a student alternative loan?

LVC has partnered with ELM Select to provide you with a  student alternative loan comparison tool. The loan products included on this site are recommended by LVC; however, please be aware that you are free to conduct your own research and comparison of alternative loan products and select any lender of your choice

Below is a list of lenders included on LVC's customized ELM Select website and information each lender is required to share with potential student borrowers. To compare loans among these lenders, please visit LVC's ELM Select webpage.

Listed below are the loan disclosures for each lender:

Citizens Bank -fixed and variable interest rate loans available 

cuScholar - variable rate

Discover - fixed and variable interest rate loans available  

Member's First Federal Credit Union

NJ Class - NJ residents only

PNC Bank - fixed and variable interest rate loans available  

Sallie Mae - fixed and variable interest rate loans available  

SunTrust Custom Choice - fixed and variable interest rate loans available  

Union Federal - variable rate

Wells Fargo - fixed and variable interest rate loans available 


New students - you should NOT apply for a student alternative loan prior to April 1, 2016 for the 2016-2017 academic year. Filing prior to this date may result in your credit approval expiring.

Returning students - you should NOT apply for a student alternative loan prior to receiving your award package in early July and no later than August 1. 

If you need to borrow an alternative loan and you will be enrolled for < 6 credits during a semester, you  may borrow through Sallie Mae or Wells Fargo. The other lenders LVC recommends require you to be enrolled for a minimum of 6 credits per semester.