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Financial Aid

Alternative Loans

How to Apply

We strongly encourage you to use all available federal loan programs before using private loans.

  • Unlike Federal loans, this type of loan may be used to pay a previous semester’s bursar bill
  • Credit approval process is more comprehensive than Federal PLUS Loan
  • Borrowing limits may vary by lender

To view a list of possible alternative loan lenders see http://ualr.edu/financialaid/vault/alt_loans.may2013.pdf

Below is a chart evaluating the differences between federal and private education loans:

Federal Loans Private Loans
Co-Signer Requirement No Yes
Credit Check Requirement Stafford-No
PLUS - Yes (however, debt to income ration not included>
Yes
Deferment Yes Depends on Loan
Grace Period 6 months Depends on Loan
Interest Rate Fixed Variable
Fees Stafford - up to 1.5%
PLUS - up to 4%
Depends on Loan
Loan Forgiveness / Discharge Yes No
Penalty for Early Repayment No Depends on Loan
Updated 9.24.2013