Alternative / Private Student Loans
Alternative Loans are available to assist graduate students enrolled in programs with high education-related expenses, such as students in the School of Podiatric Medicine. Creditworthy students may borrow from $2,000 - $20,000 depending on their cost of attendance. Students must demonstrate financial need, be enrolled in school at least half-time, and be making satisfactory progress.
Alternative, or private loans, are credit-based educational loans offered by banks and other lending organizations. These loans are NOT guaranteed by the Federal government. Students should consider these options only after exhausting Federal Stafford loans. Students must also determine whether to borrow under the Federal Graduate PLUS program or to take out an alternative loan.
While Barry University's Office of Financial Aid may provide you with the names of several lenders offering these loans, it is your responsibility to investigate the product and compare interest rates, fees, repayment options and so forth. These items change frequently, and we are not always notified.
The following items should be compared when shopping for an Alternative Loan:
Origination Fees: This can be a flat amount, or a certain percent of the amount you borrow. If there is an up-front fee, sometimes the amount is deducted from the amount you borrow and sometimes it is added to the amount you borrow.
Repayment Fees: In some cases, there is a fee that is charged at the start of repayment. This can be a flat amount, or a percentage of your balance.
Interest rate: Check the current interest rate, what it is based on, how often it changes, and if there is a cap that the interest rate cannot exceed.
Payments: Most alternative loans have options to defer repayments. It is important to understand what deferment options are available to you, when the loan will be deferred, how long the loan will be deferred, and what your costs will be. In most cases, interest will continue to be charged on your loan. In some cases you are allowed to pay the interest during the deferment.
If you have previously borrowed an alternative/private loan, it is usually best to borrow again from the same lender. Barry University works with many national lenders. Please ask us a question online or contact us at email@example.com for more information.