An Alternative Loan is designed primarily to help students with educational expenses. Any student can apply for an Alternative Loan (must be enroll at least half time). Alternative Loans may be used to help cover unpaid balances from a previous term or academic year OR to cover current expenses. In other words, alternative loans were designed to bridge the gap between college costs and traditional financial aid resources.
Alternative Loans cannot exceed the Cost of Attendance minus other Financial Aid. Alternative Loans are offered and serviced by private loan lenders. Students should exhaust federal loan eligibility before borrowing an Alternative Loan.
Eligibility for an Alternative Loan is based on the student's and co-signer's (if required) credit history. Most Alternative Loans have a variable interest rate. MSMC is an impartial party and cannot recommend any particular lender.