Private Alternative Loans are available to assist students who need additional educational financing after all other options are considered. The student is the primary borrower of these loans but an eligible cosigner is generally required. Students can borrow up to the cost of attendance minus any aid they are receiving.
The interest rates for private alternative loans are variable and therefore change with market conditions. The actual interest rate a student receives is based on an evaluation of their credit as well as that of the cosigner along with other criteria determined by the lender and varies from borrower to borrower and lender to lender. Because private loans can prove to be quite costly for some borrowers, the Financial Aid Office cautions students to consider all payment plan and federal loan options before applying for a private loan.
Moravian Colleges Recommended Lenders for Private Alternative Education Loan
