Alternative loans, also called private or supplemental, are loans made available by lenders to students who are in need of additional funding to help with educational costs.
Alternative loans are more expensive than federal government guaranteed loans and are typically in the student's name with a cosigner required.
Students should only consider an alternative loan after applying for all available scholarships, grants, work-study and federal loan programs offered.
Clarkson College encourages students to only borrow what they need to cover their educational costs. Our financial aid counselors continue to remind students that the more you borrow, the higher your monthly payment will be after graduation. Our financial aid counselors are committed to finding the best solution for each individual, as we know every situation is unique. Visit with a financial aid counselor at Clarkson College in person or call 402.552.2749.
The Clarkson College Student Financial Services department requires the completion of a Free Application for Student Aid (FAFSA) before certification of any alternative loan.
Federal regulations require all students applying for an alternative loan to complete a Private Education Loan Applicant Self-Certification form.
Clarkson College recommends the following lenders based on the quality of products and services they provide students and families. Lender characteristics include: lender stability, reputation (customer-focused student loan products) and customer service (provide good service to both the student and Clarkson College); ease in which borrower’s questions are answered and issues resolved; and loan products assure value to the borrower. Students are encouraged to compare these loans with one another.
Students have the right to use a lender that is not listed. To borrow an alternative loan from another lender, access the lender’s website and complete the loan application. The school code for Clarkson College is 009862.