Alternative Student Loans

         
Alternative loans are private loans offered through a lending institution and not part of federal government programs.  Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted.  Eligibility is based on the creditworthiness of the borrower or co-signer, if applicable.  Please contact the lender directly with any questions related to a loan program's specific terms and conditions, and how they apply to you.


Steps in applying for an alternative loan:

1. Review NLU’s Alternative Student Loan Guide to compare the various loan programs and choose a lender.
2. Apply for pre-approval for an alternative loan via lender website or complete a paper application and mail directly to the lender.
3. A credit check will be performed by the lender.  If you are denied, a co-borrower may be necessary, contact the lender immediately.
4. Complete the promissory note online both borrower and co-signer, if applicable.  Print a copy for your records.
5. The lender will send us an electronic file with the certification request, and the certification process generally takes 5-10 business days.

To have a registration hold removed due to a past due balance:  you should complete the alternative application process online for faster processing. All preferred lenders listed on NLU’s Alternative Student Loan Guide will enable you to complete the process online. Once the loan has been approved and the promissory note has been completed and submitted to the lender, contact the Student Finance Office at 847-947-5350 to request that your hold be removed based on the approved loan.