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Alternative Loans

Financing a college education is a concern for many families.  Most financial aid packages will include student loans; however, federally subsidized and unsubsidized loans may not cover the total cost of college expenses.  Consequently, families are faced with the challenge of meeting the cost of their expenses.

Alternative loans are private loans that provide students with additional funding for unmet college expenses.  Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds before applying for alternative loans.  Alternative loans are not federally guaranteed and require a good credit rating and/or credit worthy co-signer.  The annual amount cannot exceed the cost of attendance minus other financial aid.

Some alternative loan lenders require the student borrower to pay interest on the loan while enrolled in school.  For example, the SallieMae Smart Option Loan is an alternative loan that requires in-school interest payments.  Once the loan is disbursed, the student will be billed monthly interest payments.  We recommend that before you select an alternative loan lender, be sure you understand all the terms and conditions of the loan.

At Kent State University, we will process an alternative loan from any lending institution.  However, we have compiled a list of lenders that are most frequently used by Kent State students. FASTChoice is a private loan selection tool that helps students make a wise choice regarding borrowing an alternative loan. FASTChoice allows you to compare lender rates, terms, and benefits.

Reasons why Kent State selected the FASTChoice options:

  • These lenders have been providing service to Kent State students for many years
  • Interest rates are competitive
  • Co signers help students quality for better interest rates
  • Forbearance options are available in certain situations
  • There are no repayment penalties
  • Extended repayment terms are available
  • There is a six month grace period before repayment
  • The Online application process is fast and easy
  • Funds are sent via Electronic Funds Transfer (EFT)
 

   If the funds cause a credit on the student account, the Bursar’s office will send a refund check or electronic deposit.  Click here to review the Bursar's refund policy.

Get more information on FASTChoice lender options.





 
                                                       
 
    Loan Periods for the 2009-2010 Year  
 
 
Semester begin and end dates
  
Summer 20095/26/09 – 8/22/09
Fall 20098/31/09 – 12/19/09
Spring 20101/19/10 – 5/15/10
Fall and Spring 2009-20108/31/09 – 5/15/10
 
 
  Note.  Summer is a separate application and cannot be included on the loan application with the academic year.