How to apply for Alternative Loans
MIAD participates in a wide variety of non-federal loan programs. Alternative loans are private loans through a lending institution that are not part of the federal government's programs. Alternative loans are more expensive than federal guaranteed loans and should only be used when all other options have been exhausted. Research all possibilities for scholarships, grants, work study, and federal loan programs before borrowing from an alternative loan program. Note: Alternative loans are not automatically included as part of your financial aid package. You must apply for these loans through the MIAD Financial Aid process. You can only borrow what it costs to attend MIAD (tuition, housing, food, and supplies) minus any other financial aid you are receiving. The amount borrowed must be approved by MIAD Staff. MIAD financial aid staff will help you determine the amount of your alternative loan. Also, alternative loans have yearly limits set by the participating banks. All alternative loans require students to have a cosigner. Students are the borrowers with the cosigner taking responsibility if the student does not pay the loan. Cosigners are usually parents or other close relatives. Lenders for alternative loans all use credit checks/scores to make fast and objective decisions on which MIAD students are likely to repay their loans on time. Credit scoring is calculated using many pieces of your bill payment history (number and types of accounts, late payments, outstanding debt, and the age of your accounts). The way you and your family have handled credit in the past is often a good indication of how you will manage credit in the future. Therefore your credit score is like a snapshot of your level of credit risk at a particular point in time: when your credit information changes, so does your credit score. We encourage you to research and apply for an alternative loan that best fits your needs. Please click the following link to begin this process. FASTALT
The alternative loan programs whom MIAD works with are:
Chase Select Loan,
US Bank Gap Education Loan,
Sallie Mae Education Trust Signature Loan, and
Wells Fargo Collegiate Loan.
Please contact the MIAD Financial Aid Office for any further information.
|
