Alternative educational loans are available from private lenders for students whose cost of attendance has not been met with other financial aid. The Free Application for Federal Student Aid (FAFSA) is normally not required to apply for the alternative loans.

• Annual and total loan limits are higher
• Interest rates are normally variable rates that change on a quarterly basis
• Loans and interest rates are based on credit approval and approval is not guaranteed
• Loans are not federally guaranteed; therefore, do not have the same deferment, cancellation and consolidation benefits

Students should also contact their home state's student assistance agency regarding any state loan programs that may be available.

The entire alternative loan process can take up to six weeks--two weeks for the student to obtain and complete the application, two weeks for the school to certify the application, and two weeks for the lender to send the check to the University and for the University to process the funds.

• Review all lenders and determine which loan program best meets your needs.
  
• Obtain the appropriate loan application. Students who complete the wrong application are usually forced to start over and complete a new application. The school cannot certify the incorrect application. (An example of this would be a student who plans to later enter the MBA program, so they complete an MBA application while they are still a liberal arts student. The school would not be able to certify this application.)
  
• Accurately complete the loan application. Mistakes on the application create processing delays. Always make sure that you supply the lender with all supporting documentation that they require. In most cases, the application should be sent directly to the lender. They will forward information to the school for certification after they have reviewed your application. All credit decisions are made by the lender only, the school is not involved in this process.
  
• Allow two weeks for the school to verify your application after the lender has sent the certification to the school. Although we strive to process all applications as quickly as possible, it can take up to two weeks during the peak processing time.
  
• Allow two weeks for the lender to send the check to the school and for the school to process the funds. Although we strive to process all checks as quickly as possible, it can take up to two weeks to receive and process checks during the peak processing time.
  

The links to lender websites below are indicative of some of the lenders that UI students are using for alternative borrowing and is not intended to be an all-inclusive listing. There are hundreds of private alternative loan lenders across the country. The University of Iowa Office of Student Financial Aid does not endorse any particular lender and students may choose any lender of their choice.

• Citibank
  
• Education Finance Partners
  
• Key Bank
• Nellie Mae
  
• Sallie Mae
  
• US Bank
  
• Wells Fargo