Private/Alternative Loans

What are Private/Alternative Loans?

Private/Alternative Loans are student loans offered by banks to help pay for educational expenses when all other Financial Aid options have been exhausted. These loans carry a higher risk in comparison to Federal Loans primarily because the interest rate is generally not fixed.

Note: Terms and conditions vary from lender to lender.

What is the interest rate?

The interest rate is determined by credit history, income and other qualifying factors and is generally variable based on either the PRIME rate or LIBOR index plus an add-on (known as the "margin"). The current range is 4.25% - 14% and may be subject to change monthly.

How do I qualify?

Students will typically need a credit worthy co-signer to qualify. Those who qualify on their own may still want to apply with a co-signer in order to obtain a lower interest rate.

How much can I borrow?

Borrowers can receive an amount up to the cost of attendance less all other financial aid received.

How long does the application process take?

Your lender is required to provide several disclosure statements throughout the application process. As a result, we recommend that you apply at least three weeks prior to the date you need the funds and comply quickly to information requests from your lender.

How does Concordia receive the funds?

All loans offered through our recommended lender list have the funds sent directly to Concordia. Some direct to consumer or non-certified school loans send the funds directly to the borrower or co-signer. In these cases it is the borrower’s responsibility to pay any account charges to Concordia.

What is the best way to shop for a Private | Alternative loan?

Understanding Fixed vs. Variable Interest Rates

How to Shop for a Private | Alternative loan – An Overview

Get Started

Apply for a Private/Alternative Loan.