Types of Alternative Financing
Private student loans, also referred to as alternative student loans, are great solutions to help you pay for college or graduate school. These private college student loans are available through banks, credit unions, online lenders, and other financial institutions.
Important Information on Private Loans
We strongly suggest that students and parents exhaust their loan options through FAFSA prior to taking private student loans. (Federal student loans can be a better option for you with their fixed interest rates, future payment postponement possibilities, loan forgiveness options, and various repayment plans. Subsidized direct loans are not charged interest while you are enrolled in school.)
If you need additional funding after exhausting your Federal Stafford and Parent Plus loan options, Salem State participates in a number of alternative loan and programs. You and your family should research your options and choose the loan and lender that best fits your families' needs.
- Financial aid will not certify a student’s alternative loan until their file with the lender is 100 percent complete.
- Financial aid cannot certify a loan amount above the students cost of attendance; therefore the loan amount you requested from your lender may be reduced by our office.
- Borrowers should verify with their lender that all required documents and disclosures have been received.
- Most "traditional-aged" undergraduate students will require a co-signer for a private loan.
- Once your loan is approved, it can take from seven to ten days before your loan appears on Navigator. No exceptions.
To begin your private loan search and applications please visit our Resource List* (hosted by ELM Resources**)
*Salem State does not recommend any particular lender. The lenders on our preferred list are there as we are confident in their product, their customer service and the variety of loan and repayment options they offer students.
**ELM Resources is a third party loan comparison company, they do not endorse or promote any loan products. Please review Salem State University's Financial Aid Office, Code of Conduct.
Interest-free and everyone qualifies. For a one-time enrollment fee undergraduate day students as well as School of Graduate Studies students can budget financial aid short-falls into easy to afford monthly payments with Tuition Management Service. This plan can help students and parents to reduce the amount of alternative loan debt by making monthly payments on their balance due (after aid has been applied to their account) instead of applying for loans. The amount you budget is determined by you and is tailored to fit your family's finances.