Alternative Loans
Tennessee Technological University does not endorse or promote any lenders that offer private alternative loans. The University advises that this loan option be used as a last resort after all federal loan options have been exhausted. The interest rate, repayment fees and terms are generally more favorable with Federal Direct Loans. Researching different alternative lenders and their loan products, their benefits as well as exploring other means of financial aid before applying for an alternative loan is to the advantage of the student. We recommend that you use alternative student loans conservatively as the interest rate will be variable or floating and will not be capped.
Depending on the lender that you choose, the interest rate will change every month or every quarter. Each lender uses its own pricing model (1) based on either the LIBOR (London Interbank Offered Rate) or the prime rate (as published in the Wall Street Journal) and (2) typically based on the strength of the credit score and history of the student and/or the cosigner. Interest accrues from the date of disbursement. Interest can be paid while the student is enrolled, or interest can be deferred and capitalized at the time of repayment.
Below is a historic list of loans and/or lenders from whom our students have borrowed over the past three years (January 1, 2007 through May 5, 2010) and it includes only those that continue to offer private alternative loans. This list is not meant as an endorsement and is not a preferred lender list. Note also that you may not be able to take advantage of some of these alternative loan programs because they are offered by state agencies and credit unions with specific residency or membership requirements.
| cuStudentLoans |
