Alternative loans are private loans offered through a lending institution and not part of federal government programs. Alternative loans are usually more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted. Eligibility is based on the creditworthiness of the borrower (or co-signer, if applicable). You should contact the lender directly with any questions related to a loan program's specific terms and conditions and how they apply to you.
Steps in applying for an alternative loan:
- Apply for pre-approval for an alternative loan via the lender's website or complete a paper application and mail directly to the lender.
- A credit check will be performed by the lender. If you are denied, a creditworthy co-signer may be necessary. Contact the lender immediately.
- Complete the promissory note process required by your lender.
- Provide any additional documentation your lender may require.
- The lender will send us a school certification request. The certification process generally takes about 5-10 business days.
To have a registration hold removed due to a past due balance, you should complete the alternative application process online for faster processing. Please refer to NLU’s Alternative Student Loan Guide for more information about alternative loans. Once the loan has been approved, your hold will be removed.