Alternative (Private) Student Loans
Iona College strongly recommends that students borrow the maximum in Federal Direct Stafford Loans before considering an alternative student loan. Federal Direct Stafford loans tend to be less expensive with fixed interest rates and provide various options for repayment. The Student Financial Services Office will certify any alternative loan at the request of any borrower, provided they are credit approved; however, it is the responsibility of the borrower to determine which alternative loan best fits their borrowing needs.
What are alternative student loans?
Alternative student loans are available to help students cover any financial gap that may exist between their educational costs and the amount of financial aid they are receiving. There are many types of alternative student loans, each with different interest rates and repayment terms which vary depending on the borrower and co-borrower's credit-worthiness.
Iona College does not have a preferred lender list for alternative loans nor do we have a preference or opinion on what alternative loan program a student should use. The Student Financial Services Office is asked on a daily basis how a student can cover their financial gap. To answer this frequently asked question, and as a convenience to our students, there is an independent research firm called Student Lending Analytics, who have no lender affiliations and developed an unbiased list of private loan options for undergraduates to serve schools and their students who need a resource for help in finding a private student loan.
Students and families need to do their own due diligence on what alternative loans suits their borrowing needs. Iona will not recommend what specific alternative loan to use. Most, if not all, undergraduate students usually require a credit-worthy co-borrower in order to obtain and approval and the best interest rate(s) and benefits.
Effective February 14, 2010 all students who borrow with an alternative loan program must complete a Private Education Loan Applicant Self-Certification Form and submit this form to his/her lender in order for the alternative loan to be complete and disburse.
Loan Repayment Calculator