Alternative (Private) Loans
Private alternative loans are educational loans available to help students cover additional educational expenses over and above what regular financial aid may not cover. Students should always apply for federal financial aid first by filing the Free Application for Federal Student Aid and take out low interest Federal Stafford loans first before considering taking out alternative loans.
Alternative loans are not backed by the federal government and:
• For degree seeking students only;
• May require a cosigner;
• Have varying borrowing limits, fees, and interest rates;
• Have different repayment terms than a Stafford loan;
• Can not be taken out for more than the cost of attendance minus other aid;
• Can not be consolidated with your federal Stafford loans;
• Good credit history is required.
You have the right to use any lender you prefer when taking out your alternative loan. We urge you to consider the following when making your choice:
• How long has the lender been in business?
• Will they provide good customer service?
• Do they participate in the electronic transfer of funds? (This can cut down on the amount of time you wait for your disbursements.)
• Are benefits offered for on-time payments?
While Cleary University can't choose lenders for borrowers, we have provided a list through Simpletuition that you can review and choose the terms that best suit your needs. After clicking on the web site, but in the amount you wish to borrow and check off the private loan area to see a list.