The following is a list of criteria that should be used when selecting a lender: 1) Interest Rates: Interest rates charged during loan repayment; 2) Fees: The percent of fees, if any, charged to borrow an alternative loan; 3) Approval Rate: The relative approval rates of loan applicants; 4) Co-Signer Release: Whether or not a co-signer can be released from repayment responsibilities after a certain number of repayments; 5) Customer Service For a list of private student loan lenders or law bar exam lenders, you can click here to visit FinAid.org. THINGS TO CONSIDER BEFORE BORROWING AN ALTERNATIVE LOAN: Alternative loans are designed to help students with educational expenses after all federal, state, and institutional aid has been received. Students are responsible for all interest charges. Most alternative loans will require a creditworthy co-signer. Alternative loans have higher interest rates than federal loans. For the current prime and LIBOR rates, go to www.bankrate.com/brm/ratehm.asp Interest rates change often and have no cap. Alternative loans cannot be included in a federal consolidation loan. Each time you apply your credit is reviewed. If you plan to attend graduate school, check with your lender to determine if your loan can be deferred. APPLICATION TIPS When completing the application, you will be asked to supply a loan period. Common loan periods for the 2009-2010 aid year include: August 2009 to May 2010 for the full year; Auguest 2009 to December 2009 for fall 2009 only; January 2010 to May 2010 for spring 2010 only; May 2010 to August 2010 for summer 2010 only; Note, summer term always requires a separate application. Back to Top