Alternative Student Loans
Unlike school-certified loans, direct-to-consumer student loans do not have to be verified by your school. In fact, your school doesn't get involved in the loan process at all and does not have to approve the amount you are borrowing. These loans are based on good credit and, if you're approved, are usually disbursed within a number of days.
Am I eligible?
The eligibility requirements for direct-to-consumer student loans are essentially the same as those for school-certified private loans . However, because there is no institution guaranteeing the loan, the student will most likely need a co-signer.
How much can I borrow?
Like most student loans, the cost of attendance is the maximum you can borrow.
Where can I spend the money?
You can use the loan to pay for school expenses such as tuition, books, education-related living expenses and computer equipment.
Interest Rates and Fees
Like all private student loans, your interest rate will vary depending upon the institution from which you are borrowing. It is crucial that you shop around for the best-possible terms and rates. There could also be additional fees attached to the loan based on your credit history.