Alternative/Private Loan Options

There are a number of lenders who provide alternative loans. The College can provide you with a list of those lenders that students have used in the past; we, however, don’t rank or recommend any lenders.

Be an Informed Borrower

Loan provisions and requirements vary greatly and change frequently. You should contact the lender for specific information regarding the most current interest rate, fees and eligibility requirements before taking a loan. You should carefully research the loan company you are considering doing business with. The Federal Trade Commission has a helpful web site that provides tips on items to look for when selecting a lender.

Important Information About Applying

Once you have decided to apply for an alternative loan allow 3-5 business days to have your application forwarded to our office. When you have completed your application online you should notify our office either via email This email address is being protected from spambots. You need JavaScript enabled to view it. or calling 517/629-0440.

Items to Consider When Comparing Loans

To ensure that you are fully informed, you should read the lender's application and promissory note fully for specific information regarding the terms and conditions of your loan. Important questions to ask before taking a loan include:

Eligibility:

Interest Rates and Fees:

Repayment Terms and Conditions:

Service:

After originating a loan, the lender can keep the loan until it is paid in full, sell it to a secondary market or keep it and contract with a servicer to manage the day-to-day details of tracking and collecting loan payments.

Obtaining a Loan:

There are a number of lenders that provide alternative loans; review a list of popular lenders.