What you need to know
Terms and conditions for alternative (private) loans may be less favorable than those of federal student loans. We recommend that you use all eligibility for federal aid and fully explore 贷款 terms and options for 还款 之前 applying for an alternative loan. Be sure to fill out your FAFSA, (the Free Application for Federal Student 援助). Borrow only what you need to avoid excessive debt that may affect your future plans.
的 estimated payment worksheet can help you calculate what you will owe.
Consider reviewing SPU’s 付款计划 to determine if they may be an alternative to borrowing.
Research your options
Students may borrow alternative loans up to the cost of attendance, less financial aid, subject to lender loan limits.
Comparing information about eligibility, 还款, and other terms and conditions for loans offered by different lenders will help you make an informed decision. Find this information on the lender’s website or by speaking with the lender(s).
看看 FASTChoice for information about loans and lenders used by other SPU students.
Not sure what to ask your lender? 这里有帮助.
- Are there enrollment 需求? (i.e., Is 贷款 available for less than half-time or non-matriculated students?)
- Is satisfactory academic progress 要求?
- What 需求 must be met to use 贷款 for past-due balances?
- Are there any fees? If so, what are they and when are they charged?
- Does the lender offer benefits for on-time payments or auto-debit payments?
- How long will you have to repay 贷款?
- Are there any p还款 处罚?
- Are there any options to postpone or reduce payments?
- What is the highest and lowest interest rate for 贷款?
- Is there a maximum amount of interest that may be charged?
- Is the interest rate fixed 或变量?
- If variable, how frequently do variable interest rates change?
- How often is interest capitalized (i.e., added to the principal)?
- Who will service 贷款?
Sometimes you can get a better interest rate by having a cosigner, even if you don't need one. 还问:
- 是共同签署人吗 要求?
- If a co-signer is used, will the credit of the borrower or the co-signer be used to establish the terms of 贷款?
- What are the 需求 for releasing a co-signer?
SPU utilizes ELM for efficient alternative loan processing and ELM/NDN for delivery of disbursements. If you select a lender that does not utilize ELM/NDN, additional time may be 要求 for processing and receipt of disbursements.
的 cost of an alternative loan
利率 for alternative loans typically use either the 最优惠利率 or 伦敦银行间拆放款利率 (London Interbank offered rate) as the base rate. 的 margin is the additional percentage point added to the base rate by the lender. 伦敦银行间拆放款利率 variability has been smaller than the 最优惠利率, which has tended to experience larger, sporadic changes. Remember: If an interest rate is variable, the rate may increase or decrease over the life of 贷款.
感兴趣 will begin to accrue immediately, but most loans offer in-school deferment. Lenders will have different policies regarding when capitalization of interest occurs. When interest is capitalized, the accrued interest is added to the principal. 因此, the amount paid over the life of 贷款 will be greater if capitalization occurs more frequently.
Your credit rating will affect the interest rate you will be charged. Factors reviewed by lenders may include:
- Your debt-to-income ratio
- 的 length of your established credit
- Your payment history
Typically, the better a borrower’s credit history, the better the interest rate will be. 的 Fair Credit Reporting Act (FCRA) ensures that you can obtain a free credit report. You may order a free credit report from each bureau annually at AnnualCreditReport.com.
的 interest rate for which you qualify will significantly affect the cost of your loan. 的se examples are estimates and for educational purposes only:
With a loan amount of $10,000:
- 利率: 8%
- 贷款期限: 15年
- Monthly payment: $95.57
- Total interest paid: $7,202.60
- Cumulative payments: $17,202.60
- 利率: 11%
- 贷款期限: 15年
- Monthly payment: $113.66
- Total interest paid: $10,458.80
- Cumulative payments: $20,458.80
- 利率: 18%
- 贷款期限: 15年
- Monthly payment: $161.04
- Total interest paid: $18,987.20
- Cumulative payments: $29,987.20
A longer 还款 term may mean a smaller monthly payment, but you will most likely pay more over the life of 贷款 due to accrued interest. 的se examples are estimates and for educational purposes only:
With a loan amount of $10,000 and interest rate of 10%:
- 贷款期限: 10年
- Monthly payment: $132.15
- Total interest paid: $5,858.15
- Cumulative payments: $15,858.15
- 贷款期限: 15年
- Monthly payment: $107.46
- Total interest paid: $9,342.80
- Cumulative payments: $19,342.80
- 贷款期限: 20年
- Monthly payment: $96.50
- Total interest paid: $13,161.66
- Cumulative payments: $23,161.66
Loan and debt/salary calculators
A loan calculator may be helpful to estimate your monthly payment. To determine how much can be borrowed, use a debt/salary calculator.
找到更多的 贷款资源 to consider as you make your financial aid decisions.
Alternative (private) loans
Alternative (private) loans are credit-based consumer loans offered by a lending institution, so a better credit rating secures a better interest rate. If you request additional funds later in the year, a second application may be 要求 and the lender may need to pull your credit report again.
A Self-Certification form is 要求 to receive an alternative loan, and a borrower must complete and submit this form to the lender.
- Get this form from your lender or 这里是PDF格式 from Student Financial Services.
- Bring or email this form to sfs-info@kmktvonline.net for completion of section 2 of the form.
的 form will be returned to you via email to print, sign, and submit to your lender.
Note that regulations require the lender and borrower to complete several steps 之前 贷款 may be disbursed, and once approved, it may take an additional 30 days 之前 SPU receives the funds.