Is an Alternative College Loan Right for You?
College repayment can be an overwhelming process. Luckily there are lots of ways to cover the costs of your higher education. In addition to grants and scholarships, there are different types of loans that can provide you with the money you need. There are federal loans provided by the U.S. Department of Education, and there are alternative or private loans provided by credit unions, banks and lending companies. Whether or not you should seek an alternative college loan depends on your particular circumstances.
The very first thing any student needing money for college should do is apply for as many scholarships and grants as they are able. Scholarships are merit-based awards while grants are given for various purposes. The Pell Grant is given to students based on financial need. Grants and scholarships do not require repayment, which makes them so appealing. Once you've sought help from these sources, you can start investigating the different types of loans available.
Federal loans like the Subsidized or Unsubsidized Stafford Loan are recommended for students. Perkins loans from the government are for students with extreme financial hardship. If you do not qualify for these loans, or you have these loans but need more money for college expenses, an alternative loan may be the right choice. These loans are not based on need, rather they are based on credit and income just as any personal loan from a bank, credit union or other lender would be. Credit reports are pulled and income history is verified before approval is given.
It can be difficult for the average undergraduate student to obtain an alternative college loan by themselves. This is usually because these students have not yet established a favorable credit history. In this case a cosigner is necessary. A cosigner, such as a parent, accepts responsibility for the loan if the borrower does not pay. Many loans allow the borrower to request the cosigner be removed after a certain number of payments are made on time. One of the most popular loans is the Signature Loan from Sallie Mae, second only in popularity to the federal Stafford Loan. There are also private or alternative loans for professional and/or graduate students that can help fund continuing education.
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