Alternative Loans
Students should always complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov to see if they may qualify for Title IV grants and loans first. Terms and conditions of Title IV loans may be more favorable than the terms and conditions of private education loans.
However, students who are ineligible to borrow due to failure to meet Satisfactory
Academic Progress requirements, who have already met/exceeded their aggregate Stafford Loan limits,
or who need funds in excess to those available to them through federal programs might be eligible
to borrow through alternative loan programs.
The Office of Financial Aid encourages
extreme caution when considering additional borrowing. Students are
encouraged to explore all other resources before resorting to alternative
loans.
.
The following list of lenders is based on the most recently completed academic
year. The lenders are listed in order of loan volume. The lenders listed first are the
ones chosen most frequently by Lander students. The list is not exhaustive and Lander
students are welcome to borrow from any lender/guarantor.
|
|
Creditworthy/ creditworthy co-signer |
In good standing with other loans |
U.S. Citizen or permanent resident |
Enrolled in a degree-granting program |
Enrolled at least half-time |
Making Satisfactory Academic Progress |
|
SMART
Option Loan
|
Yes** |
Yes |
Yes** |
Yes |
No |
No |
|
Chase Select Loan
|
Yes |
Yes |
Yes |
Yes |
No |
No |
|
(CitiBank) |
Yes |
Yes |
Yes |
No |
No |
No |
|
Discover Private Loan
(Discover) |
Yes | Yes | Yes | Yes | No | Yes |
|
WellsFargo Collegiate Loan
(WellsFargo) |
Yes** | Yes | Yes** | Yes | No | No |
|
(SunTrust) |
Yes** | Yes | Yes** | Yes | Yes | No |
| Palmetto Assistance Loan (SC Student Loan Corporation) | Yes | Yes | Yes | Yes | Yes | Yes |
** (International students are eligible with a co-borrower who is a US Citizen or US permanent resident.)
