|
If the other types of assistance you receive aren't sufficient to meet your college costs, you may be interested in an alternative (private) loan. Some lending institutions offer these loans to students with no fees, low interest rates and flexible repayment options with no payments due while you’re in college. Others, however, charge origination fees and may require payment of interest while you’re in college. Each lender’s policy is different. Be sure to check out a few options before making your final decision.
Don’t apply for an alternative loan until you’ve received your financial aid award letter and know what other types of assistance are available to you. Be sure to consult your college’s financial aid office before selecting an alternative loan. The financial aid office may be able to suggest lenders which offer alternative loan programs that suit your financial needs. If you do apply for an alternative loan, be aware that some lenders may perform credit checks, income-to-debt ratios, or require a co-signer.
College Illinois! Capstone Loan Program (Pilot)
Beginning with the 2007-08 academic year, college seniors who are enrolled at institutions participating in the College Illinois! Capstone Loan pilot program may be eligible for this alternative loan to help them complete the final semester(s) prior to graduation. Specific details can be found at the College Illinois! Capstone Loan Program (Pilot) page.
|
