Before you consider an alternative loan, make sure you have determined your eligibility for Federal Direct and Federal Direct PLUS Loans. After looking at the federal loans, you can consider the wide array of options for educational financing to assist you in meeting college costs. Several programs are listed for your consideration. Loan terms vary, so you will want to be a conscientious consumer.
Important Things to Consider
If you decide to take out a private loan, it is important to realize that you have made a decision that will impact your life after graduation. You should consider a number of factors.
- What is a realistic projection of your starting salary and future earnings potential?
- What other loans or obligations do you already have or are likely to take on in the near future? How much of your future income is already committed to repaying these obligations?
- What are your lifestyle needs after graduation? Think about how much of your projected income will be needed to support your lifestyle.
- After considering your lifestyle needs and current obligations, can you afford to borrow from an alternative loan program?
- Can you make any changes to your lifestyle needs and current obligations to free up additional funds for loan repayment? Think about debt management strategies that might help you better manage your resources.
- Review repayment options. Is loan consolidation a possible solution?
Federal regulations regarding private education loans effective February 14, 2010 require additional documentation.
Quick Guide to Alternative Loans
This is a listing of private, national educational loan providers currently used by UNL students. Inclusion or exclusion of a specific loan is not intended as an endorsement nor the lack of endorsement by the University of Nebraska-Lincoln and you are not limited to borrowing from only the lenders on this list. All information is believed to be accurate at the time of publication; however, potential consumers of these loan products should contact lenders directly for the most current and complete information before making a decision to borrow.
If you are a full-time student in good standing, the following lenders offer alternative loans that could be an option:
Alaska Student Loan Corporation
Alliant Credit Union
Arkansas Federal Credit Union
Associated Credit Union
Baxter Credit Union
Bellco Credit Union
Boeing Employees Credit Union
Discover Student Loans
Farmers Insurance Group Federal Credit Union
Irving City Employees Federal Credit Union
Kemba Credit Union
Minnesota Office of Higher Education SELF
Novation Credit Union
Pentagon Federal Credit Union
Student Loans of North Dakota DEAL
U-fi Student Loans, provided by Discover Student Loans
If you are not meeting UNL's guidelines regarding Satisfactory Academic Progress, the following lenders offer alternative loans that could be an option:
If you owe a balance for a previous semester at UNL but are not currently enrolled, the following lenders offer alternative loans that could be an option:
If you are enrolled for less than half-time credit hours, the following lenders offer alternative loans that could be an option:
If you are a parent borrower seeking an alternative loan on behalf of your child, the following lenders offer alternative loans that could be an option: