Private Alternative Loans
If your financial aid package does not cover your expense, you have the option of applying for a private alternative student loan. Before pursuing a private alternative student loan, students and parents should ALWAYS pursue Federal loans first or a tuition payment plan.
A student may apply for an alternative loan from a number of lenders. Private alternative loan lenders will require a creditworthy cosigner. This can be a parent, another adult relative, or other person who meets the lender’s requirements for the loan. A cosigner will be responsible for the loan if the student does not pay it back.
Payments can typically be deferred until six months after graduation (just like the Federal Direct Loans) and applications are most frequently completed online.
Steps to Alternative Student Loan Application
- Review your award letter to determine how much you will need to borrow. The maximum amount you can request is located next to the PLUS/Alternative Loans section of your statement of award.
- Choose a lender and select Apply Now to begin the alternative loan application process and complete a Master Promissory Note (MPN).
*Beyond the recommended lenders listed above, a wide variety of loans and lenders are available. Students and families are welcome to search, compare, and select the lender of their choice.
*Lenders are subject to change their terms and/or rates at any time. While Meredith College attempts to keep the information represented in these tables as accurate as possible, it is the borrower’s responsibility to investigate the current benefits, fees, and terms of each lender prior to applying for a loan. Meredith College cannot be held responsible for any changes made by a lender that are not reflected in this comparison.