Alternative Loans
Iona University strongly recommends that students borrow the maximum in Federal Direct Loans before considering an alternative student loan. Federal Direct 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.
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.
Private loans are one such option and will require credit checks and many loans will require a co-signer. Iona University offers FASTChoice, which is a list intended to assist students in comparing private loan options. Students are not limited to applying for loans from this list of lenders and may find other methods of financing their education. Please keep in mind that private lenders have limited repayment and loan consolidation options.