How To Qualify For Alternative student Loans

Alternative Student Loans - How To Qualify For Alternative student Loans

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Any financial aid officer will tell prospective college students that federal learner loans are their best option. After that, the learner should reconsider grants, fellowships, and scholarships.

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Alternative Student Loans

But what if all of that doesn't fully cover college expenses - which is oftentimes the case? Or what if the learner doesn't qualify, which can happen for a amount of reasons? That is where what are known as "alternative learner loans" come into play.

An "alternative learner loan" plainly describes the kind of loan that is offered by private banks and lending institutions, rather than the federal government.

To qualify, the borrower must be a U.S. People or a permanent resident of the United States, and must be attending a college where they are pursuing a four or five year degree. They also must be attending at least half-time.

Now, with federal loans, students and their parents oftentimes run into this dilemma: the parents appear to make too much money to qualify to borrow this type of loan. The parents may have mountains of debt, a high mortgage, any children in college...it doesn't matter. Even if they can't afford to pay for their child's tuition and college expenses, they earn too much money to qualify.

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