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Alternative Loan Lender List An alternative loan is a personal loan from a bank that is used for educational expenses. These loans are often used as a supplement to a student's existing financial aid package so be sure to accept your Federal Direct Loans before you apply for a private, alternative loan. Most alternative loans are deferrable until you graduate; however some may require you to pay interest while you are attending school. Be an educated borrower! Know the interest rate, origination fee, repayment options and other terms and conditions of each loan before you borrow! The following are alternative lenders that have been used by UAA students within the past three years. Those that have a physical presence in Alaska are listed first. The others are listed in random order. This list is provided for informational purposes and does not represent an endorsement of any particular lender by the University. You are not required to select a lender from this list. If you would like to use another alternative lender for your loans, please contact the Financial Aid Office. Select a lender and complete an Application/Master Promissory Note (MPN) Most lenders have paperless, or nearly paperless, application processes. Despite this, give yourself plenty of time. Lenders are bound by legislation in the Truth in Lending Act, as well as the Higher Education Opportunity Act, to minimum required waiting periods for various steps in the application process. Though there may be some variance between lenders as to the order, there are several general steps that most occur. Once you submit your application, the lender will send you an Application Disclosure and Self-Certification Form. Both disclosures will require you to actively accept the terms and the Self-Certification form will need data from your UA Online account. When you are approved, the lender will contact us for our portion of the loan certification. Upon submission of school certification form, you will receive the Final Disclosure from the lender. As a final note, you have a 3 day rescission period from receipt of the Final Disclosure. During this period, you still can opt to cancel the loan. Although the overall processing time by lenders will vary, several weeks is a definite possibility. Give yourself plenty of time- apply early!
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Alternative Loans
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