If your family is not eligible for need-based financial assistance or chooses not to apply, these programs offer alternate loan resources. Students who are receiving financial aid can also utilize these programs to finance all or part of their calculated expected family contribution. Borrowers must be creditworthy to participate in these programs. Students who are not creditworthy by program guidelines may still be eligible to participate if they can find a creditworthy person to co-sign their loan application.
Please keep in mind:
- There are several lenders that process alternative student loans.
- You are not required to use a certain lender.
- You may use the lender of your choice.
- Be sure that the lender you choose is aware that you are applying for an ALTERNATIVE loan.
Alternative loans are credit score based. Students should use any Federal Direct Loan funds they are offered before applying for an alternative loan. Students should research many lenders to find out interest rates, payment and enrollment requirements before choosing a lender. NMC has provided the following list of lenders for resource purposes only. NMC cannot recommend the best lender for students to select. Students MUST notify the NMC Student Financial Services office that they have applied for an alternative loan and who the lender is that will be funding the loan.
This is a guide to alternative loan providers.