About Alternative Student Loans

Consider Student Lending Corporation for Alternative student loans for college. At Student Lending Corporation we know that paying for college can be challenging; that's why alternative student loans are so valuable. Getting the money you need to bridge the gap between federal financial aid and the actual cost of attendance has never been easier. To supplement your financial aid package and cover the unexpected expenses, apply online for alternative student loans or give us a call at (800) 982-3588. There are no fees or charges for the information we provide, so contact us and put our alternative student loans experience to work for you.

Student Lending Corporation recommends you consider all college financial aid alternatives including grants, scholarships, and federal student loans such as the Stafford, PLUS and Graduate PLUS before supplementing the difference with an alternative student loan.

Benefits of Alternative Student Loans

- No alternative student loan application fees
- Quick pre-approval process, decision in minutes for alternative student loans
- Apply and receive a check in days
- No payments until after graduation on alternative student loans
- No prepayment penalties on alternative student loans
- Interest rate reductions available for alternative student loans

Eligibility Requirements for Alternative Student Loans

The following is a list of basic criteria that you must meet in order to be eligible for alternative student loans:

- A satisfactory credit history is required for alternative student loans
- Verifiable employment history is required for alternative student loans
- Verifiable residence history is required for alternative student loans

Want the lowest alternative student loan payment possible? Consider a cosigner.

- Applying for alternative student loans with a creditworthy cosigner will greatly increase your chances of approval
- Using a cosigner may qualify you for a lower interest rate on alternative student loans
- Cosigners can also be released from the loan for on-time payments

  

FAQs Alternative Student Loans

Does it cost anything for me to be pre-approved for alternative student loans?

No, we do not charge any fees for the pre-approval process on alternative student loans.

Does Student Lending Corporation offer any discounts on alternative student loans?

Each alternative student loan is eligible for additional interest rate discounts. Call us at (800) 982-3588 for details.

With alternative student loans Is there a grace period?

Yes. Alternative student loan payments do not have to start until six months after graduation or dropping below half-time status.

What expenses can the alternative student loan cover?

An alternative student loan can be used to cover education-related expenses including tuition, fees, books, living expenses, a new computer, etc.

Are there fees associated with the alternative student loan?

There are no upfront or origination fees for alternative student loans. However, there may be a repayment finance charge depending on your, or your cosigners, credit history. Applying for alternative student loans with a qualified cosigner may reduce your fees.

With alternative student loans Is there a deferment option?

Alternative student loan payments many times can be deferred while enrolled in school. Interest that accrues during this time will be added to the alternative student loan balance at repayment.

With alternative student loans Is the interest tax-deductible?

Interest on alternative student loans may be tax deductible. Please consult your tax advisor or visit www.irs.gov for more information.

What is the alternative student loan application process?
After submitting your online application for alternative student loans, you will receive an immediate credit decision. Even if you are conditionally approved, you may still add a creditworthy cosigner to your alternative student loan application. You will then receive paperwork in the mail as well as notification of any additional documentation that may be required for your alternative student loan. Once all paperwork is received, your alternative student loan may be disbursed in as little as 2-5 days.

How soon will I receive my private student loan funds?

Alternative student loan funds are usually disbursed within 2-5 days of receiving all necessary paperwork.

Are there application deadlines for alternative student loans?

No. You may apply for a alternative student loan at any time.

When is the best time to apply for a alternative student loan?

You should apply for a alternative student loan as soon as you have received your award letter from the school which you plan to attend.

Should I apply for alternative student loans with a cosigner?

SLC strongly encourages prospective customers to apply for alternative student loans with a creditworthy cosigner. This will greatly increase the chances of approval and increase the chances of obtaining a lower interest rate and/or loan fee on alternative student loans.

Do you offer a cosigner release option on alternative student loans?

Yes. If a set number of principal and interest payments are made on time, the borrower can apply to have the cosigner released from the alternative student loan. The borrower must meet credit guidelines at that time. Call us at (800) 982-3588 for details.

What repayment options are available on alternative student loans?

There are three repayment options available:

- Full Deferral: Defer all principle and interest charges while in school; note that interest will accrue during the deferment period and will be capitalized (added to the alternative student loan balance) at the time of repayment

- Interest-Only: Pay only the accrued monthly interest while in school

- Immediate Repayment: begin making monthly principal and interest payments on alternative student loans immediately


Is there a minimum monthly payment on alternative student loans?

Yes. Once the alternative student loan payments begin, the minimum monthly payment is $50.

Do I have to be enrolled at least half-time to receive a alternative student loan?

Yes. alternative student loan borrowers must be enrolled at least half-time at an eligible and participating school in order to receive a alternative student loan.

Who can apply for a alternative student loan?

Requirements include the following:

- The student must be the legal age of majority or at least 17 years of age with a Cosigner who is legal age of majority. The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old).

- The borrower must be a U.S. citizen or permanent resident in an eligible state- The borrower must be attending an eligible and participating school

- International students are eligible with a cosigner who is a U.S. citizen or permanent resident- The borrower's permanent residence is NOT in Texas, Wisconsin, Washington, or Iowa. (There is no state restriction for cosigners.)


How long are repayment terms on alternative student loans?

Alternative student loan repayment terms are up to 25 years.

If I obtained a loan last year, do I have to reapply again this year for alternative student loans?

Yes. You must reapply for alternative student loans each academic year.

If I continue to get alternative student loans each year, are the alternative student loans amounts added to the first alternative student loan? Or do I have a separate alternative student loan for each year?

You will have a separate alternative student loan for each year, but for your convenience you will receive one monthly bill if all of your alternative student loans are taken through us.

Is it possible to borrow private student loan funds for an entire year rather than one semester at a time?

Yes, alternative student loan funds can be borrowed for up to 12 months of attendance.

As an applicant, do I need to have a Social Security number to apply for a alternative student loan?

Yes, the borrower and any cosigner are required to supply a Social Security number to receive alternative student loans.

Can I apply for a alternative student loan if I am a resident alien?

Yes, certain non-citizens are eligible to apply for alternative student loans, generally those who hold a valid Proof of Residency (I-151 or I-551) card.

Do I need to be accepted to a school before I can get a alternative student loan?

Yes, you must be enrolled at an eligible institution to be approved for and receive a alternative student loan. Enrollment is verified after you submit an alternative student loan application, as part of the alternative student loan approval process.

How many credits do I need per semester to be considered at least a half-time student?

You must be enrolled on at least a half-time status at an eligible institution. Please check with your school for these requirements. We will verify half-time enrollment through the enrollment verification process.

What information about the applicant and the cosigner is checked for conditional approval on alternative student loans?

When you submit the alternative student loan application form, we request credit information about the borrower (and any cosigner) from one of the three major credit bureaus.

Is there any other paperwork that I need to complete after my alternative student loan is approved?

After your alternative student loan is approved, you will need to sign, date and return the Promissory Note, provide verification of enrollment, and remit any other information that may be requested including but not limited to documentation to verify your identify and/or documentation to verify your income.

If I am conditionally approved, will I automatically be approved for a alternative student loan?

Not necessarily, however, most applicants who are conditionally approved will be approved for alternative student loans provided the student's enrollment is verified for at least a half-time basis and all necessary documents are returned.

Can I reapply for an alternative student loan with additional information if I am refused a loan?

Yes. You can reapply at any time, if you are not approved for our alternative student loan.