Students who need additional funds for education, beyond what was awarded on their financial aid award letter, might consider an alternative education student loan.
These loans are private educational loans from a lender and are not guaranteed by the federal government.
Approval of an alternative loan is based on creditworthiness. Most students will require a co-signer.
The student should file a Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal and state aid before applying for an alternative education loan.
Minnesota SELF Loan Annual Loan Limit: Undergraduate $10,000 per grade level Graduate $10,000 per year Minnesota SELF Loan Cumulative Loan Limit: Undergraduate $50,000 Graduate $70,000 including undergraduate SELF
Most private student loans require borrowers to apply with a co-signer, who promises to repay the loan if the student borrower fails to do so. There are times that PLUS and Graduate PLUS borrowers will need an endorser, which is much like a co-signer.
Here are several tips borrowers should keep in mind when requesting that someone be a co-signer or endorser:
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