Alternative student loans are offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and the amount of financial aid received.
These are private, supplemental loans that are not guaranteed by the federal government. Terms and conditions can vary according to specific lender guidelines.
Alternative loans are offered by a wide variety of lenders, and each lender offers different programs with varying terms. Most lenders have informative websites, and we encourage students to visit each lender's site and review the Application and Soliciation Disclosure.
The following list is not comprehensive. We recommend these lenders based on the quality of products and services they provide to students and families.
We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, you are free to borrow from any lender, and are not restricted to the lenders on this list.
Regardless of your choice of lender, your Private Educational Loan application will be processed in a timely manner.
Discover Student Loanwww.discover.com/student-loans | 1-877-728-3030 | Application and Solicitation Disclosure
Sallie Mae Smart Option Student Loan www.SallieMae.com/cabrini | 1-888-272-4665 | Application and Solicitation Disclosure
Wells Fargo Collegiate Loan www.wellsfargo.com/student/loan | 1-800-378-5526 | Application and Solicitation Disclosure
New Jersey Class Loan (for New Jersey residents only) www.hesaa.org | 1-800-792-8670 | Application and Solicitation Disclosure
Citizens Bank TruFit Student Loanwww.citizensbank.com/trufitstudentloan | 1-800-708-6684 | Application and Solicitation Disclosure
PNC Solution Loan www.pnconcampus.com | 1-800-762-1001 | Application and Solicitation Disclosure
Custom Choice Loan from Sun Trust Bankwww.suntrusteducation.com/privcc/cabrini | 1-866-232-3889 | Applicaton and Solicitation Disclosure
Cabrini College encourages all students to apply first for federal and state financial aid. Alternative loans may provide the resources for educational expenses not covered by received federal and state aid.
The actual amount a person can borrow varies according to each student's individual financial circumstance. Other variables include the cost of attendance, financial aid resources, and loan limits imposed by the lender.
When choosing a private education loan, students and families may want to consider the amount being borrowed, and take into consideration the interest rate, possible fees, deferment options, and repayment terms.
Unlike federally guaranteed student loans, lending institutions that offer alternative student loans may impose certain requirements. In most cases, a student must have a good credit history, a low debt-to-income ratio, and a co-signer may be required. Because a credit check is likely, not everyone is approved for an alternative loan.
Students and parents may apply for these loans through their own initiative. The Cabrini College Financial Aid Office does not originate any applications or paperwork. Since the lender must determine eligibility for the loan, students and parents must apply early to ensure that the loans will be approved by the time each semester’s bill is due.
You may apply by one of the following ways: