Alternative (Private) Student Loans
Iona College strongly recommends that students borrow the maximum in Federal Direct 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.
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.
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 list below represents student loan products that have been utilized by Iona students during the past two award years and is provided to assist in researching possible borrowing options.
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.
List of Lenders of Private Loan Products to Iona Students
Iona College does not recommend, promote, or endorse the education loan products of any private lender. The following list is provided solely to assist in researching student loan products.