Alternative Loan

The article may contain affiliate links from partners. The words, opinions, and reviews are our own. Learn how we make money to support our financial wellness mission.

An alternative loan or private loan can be used to cover the gap between the cost of college and the amount of financial aid received in the form of grants, scholarships, and federal student loans. Since alternative or private loans can have higher interest rates and fewer flexible repayment programs, they should only be considered after all federal loan options are exhausted.

Main Menu