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An alternative (private) loan is a
nonfederal loan issued by a lender such as a bank or credit
union. Private loans often have variable interest rates,
require a credit check and do not provide the benefits of
federal student loans. You should always exhaust federal loan
options such as a PLUS Loan first before considering a private loan. Students are
encouraged to borrow only what they need to cover direct and
indirect educational costs.
Factors to consider in selecting a
lender for an alternative (private) loan:
- Good borrower benefits
- Good customer service
- Prior business dealings with a
lender on other consumer loans
- Consumer complaints to the State
Attorney Generals Office or to the Better Business Bureau
- Limits on the sale of loans if
this is important to you as a borrower
Listed below are the top six
lending institutions in Alternative Loan volume used by Mount Marty College
students. This list is provided for your information only. You
may select any lender that participates in alternative loans.
You are encouraged to contact lenders and compare programs
before selecting an alternative loan.
| Collegiate Loan |
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1-800-658-3567 |
DEAL Loan
(For students attending a South Dakota college) |
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1-800-472-2166 |
| CitiAssist Loan |
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1-800-967-2400 |
| MedCAP Alternative Loan for Health
Professionals |
|
1-800-658-3567 |
| No Fee Education Loan |
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1-800-242-1200 |
|
Sallie Mae Smart Option Student Loan |
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1-888-272-5543 |
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