Alternative Loans
If you have exhausted all other financial aid resources, you may want to consider an alternative student loan provided by a commercial lender. You will need to choose a loan program, determine your eligibility and be approved by the lender for the loan.
Considering an alternative student loan
Make sure to choose a loan program that is a good fit for you. You should carefully evaluate:
- Loan type
- Fixed rate: The interest rate remains the same over the life of the loan
- Variable rate: The interest rate changes based on pre-defined criteria
- How much the loan will cost over time
- Repayment options and incentives
- Fees
Typically, eligibility for alternative loans is based on your educational cost of attendance. Enrollment requirements and satisfactory academic progress requirements vary from lender to lender. Some lenders also offer a 'look-back' feature that allows students to apply for loan funds to cover a past-due balance at the school. If you have questions about your eligibility for alternative loans, contact the Office of Financial Aid.
Once you apply for an alternative loan, it will be approved or denied by the lender based on your credit worthiness and/or the credit worthiness of your cosigner. Guidelines for credit worthiness are established by the lender and it is at the lender's discretion that your loan will be approved or denied.
Because alternative loans are commercial products, St. Catherine University cannot recommend any one loan program. To research different loan options or apply for an alternative student loan, visit our
Alternative Student Loan site.
All of the information provided on the Alternative Student Loan page is reviewed annually to ensure that the benefits lenders offer continue to adhere to our criteria. Any loan options that no longer meet our criteria are removed, and new options are added. At least three lenders will be presented at all times.