Alternative student loans are funded by private lenders and are not based on need. Important facts about alternative loans to keep in mind include:
- The amount borrowed cannot exceed your cost of attendance minus other financial aid.
- These loans are primarily used to supplement the federal programs when federal aid and scholarships do not meet the cost of attendance.
- Alternative loans are based on a student’s credit history and often require a cosigner.
- These loans cannot be certified across academic years (summer is the last term of any academic year at the UO).