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Alternative student
loans
are part of the fastest growing online sectors: private college
financing. Some estimates show that the borrowing of alternative
student loans has grown 40% in a single year. This could be
because of the rising costs of college tuition paired with low
Federal loan lending limits. Alternative loans fill the gap
between Awarded Federal aid and the actual total cost of
attending college. Tuition costs have risen, but not parallel
with how much Federal loans have risen. Bottom line, most
students are finding their Federal aid and loans do not cover all of the
costs associated with college today. Many often end up resorting
to taking out alternative loans.
Alternative student loans not only cover tuition, but they
also pay for school related expenses such as room and board,
travel, study abroad, computers, and other expenses that come
with today's college education. This
simple guide is based on the KISS principle ( Keep It Simple
Stupid). We will rotate multiple alternative lenders, usually
highlighting one in particular each semester.
Did you know: Four common types of
alternative student loans are: Undergraduate, Graduate, Medical
School and Law school. An alternative student loan is credit
based; in order to get approved the applicant must have
an established positive credit score. A student with no credit
will most often require a cosigner to receive the alternative,
aka private student loan. Visit
iStudentLoan
for alternative student loans from $1,000 to $40,000 per
academic year.
Or, visit our student loan blog for more
educational loan information and resources. |