Some students may need to consider applying for a private alternative student loan. You need to be enrolled at least halftime before we will review your eligibility for a private alternative loan. When looking for a private loan, be sure to do your homework. Many lenders offer private educational loans with varying terms and interest rates. Be sure to shop around and find the private educational loan that works best for you. Be mindful that lenders will offer you more money than you may need.
Private loans should only be considered when all other resources (such as Stafford or PLUS loans) have been exhausted. Because the Federal Government does not guarantee alternative loans, they must be insured privately. This extra cost is passed on to the borrower in the form of higher fees and interest rates. In addition, the lender will look at your credit history as well as other factors to determine if they will lend to you.
**The Office of Financial Aid cannot recommend a lender for you. If you have any questions about the loan, please contact the lender.
Requirements vary according to the lender. Some common requirements are:
You are obligated to repay your private loan regardless of whether you complete your education, are satisfied with your education, or find employment. Generally, private loans go into repayment once you graduate or drop below halftime.
Indiana University Southeast and most of its lenders manage private loan certifications and disbursements through Education Loan Management (ELM) Resources. You can check the status of private loans that are certified through ELM by registering for this service at the ELM Web site.
It is important to keep all borrowing within reasonable bounds - never borrow more than you believe you will be able to repay.
Important Note:
When completing the application, please use the following dates to indicate which academic period you would like to borrow the loan. Using dates other than those listed below may result in processing delays.
