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What are private alternative loans?

April 26, 2017alternative Loans private

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What are private alternative loans?

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Private alternative loans are not federal loans. The terms vary widely as do the eligibility criteria. You (and your co-borrower, if applicable) should carefully research the options and apply for the alternative loan that best suits your needs. Your best option is to pursue federal loans first. Be sure you have applied for all of the federal loans you are eligible for before you consider private loans. If you do wish to take out a private educational loan, you need to provide any documentation requested by the lender and follow the application procedure that they specify for their loan.