If the parent either cannot or does not feel comfortable borrowing the parent loan, students can pursue private student loans through a bank of their choice. Students should exhaust all federal aid and direct loan opportunities before considering this type of loan, and should keep in mind that most alternative loans require a cosigner. We recommend finding a credit-worthy cosigner in order to keep interest rates as low as possible.
Alternative loans are dictated by the terms of the individual loan. They vary in amount, can have either variable or fixed interest rates, and the terms of repayment are decided on a case-by-case basis.
FASTChoice by Great Lakes is an alternative loan application system where students and parents are able to search, compare, and apply for alternative loans. The lenders listed at FASTChoice have offered quality customer service to our students in the past and offer competitive interest rates and lower fees.
The FASTChoice list is not an exhaustive list of lenders offering alternative loans. InvestED Student Loan Marketplace is another resource, and it is your prerogative to seek a loan from any lender that you choose. To apply through a lender of your choice, contact the lender individually and apply through their process.