Alternative Student Loans

According to extensive research, the lenders listed here offer excellent customer service, comprehensive borrower benefits, and competitive interest rates. They are committed to full electronic loan processing and are popular with currently enrolled IC students. Please note that you are not obligated to use any of these lenders and will not be penalized if one is not chosen from this list.

Some lenders offer their own loan programs to help students and families meet educational costs, and we've compiled a list of IC students’ and their families’ most popular choices. The loans are typically unsecured, meaning that they require no collateral.

• Who will be the primary borrower, the student or the parent?
  If it is the parent, then consider the Federal Direct PLUS Loan. If the student is to be the primary borrower, then consider the alternative loan programs listed below this section.
• Is the borrower 18 or older?
  Some lenders have a minimum age requirement of 18 in order to borrow through their programs. (Ask the lender about whom it considers an “Eligible Borrower.”)
• Does the loan need a co-signer?
  The co-signer assumes responsibility if the primary borrower does not pay. A co-signer with an excellent credit score may secure a lower interest rate or enable the loan to be approved by the lender. A cosigner must be a U.S. citizen or permanent resident.
• How important is the interest rate as compared to the loan period?
  The higher the interest rate and the longer the repayment period, the more the borrower will pay over the life of the loan. However, the monthly payment may be less if the borrower chooses a longer repayment period.
• How much should the borrower apply for in funding?
  Borrow only what your student really needs. Also, think about how much your student will need to borrow each year to ensure that the lender allows for the aggregate amount needed. Typically, it is advisable to use the same loan program throughout your student’s education.

It is extremely important to begin the alternative loan application process in a timely manner. If a borrower wishes to have a loan recognized on the student billing statement, the college requires an official loan approval and request for certification directly from the lender. We recommend applying for your loan at least 30 days prior to the semester payment deadline in order to ensure that your loan will be processed before the payment is due.