Alternative Loan Sources Outside of the College of Charleston

An alternative (also called private) loan is a loan through a commercial lender. Consider an alternative loan only if you've maxed out on free aid (scholarships and grants) and low-interest government loans via the FAFSA application process. While alternative loans might be the difference between attending college or not, use them only as a last resort. Alternative loans usually have higher interest rates than federal student loans and eligibility is based on your creditworthiness, not financial need. Most alternative loans do allow for a cosigner.

Because private loan providers offer variable rates and special incentives, do your homework and find the lender that best suites your needs. And be wary of comparing loans with different repayment terms according to APR, as a longer loan term reduces the APR despite increasing the total amount of interest paid. FinAid's Loan Analyzer Calculator may be used to generate an apples-to-apples comparison of different loan programs. You may visit FinAid for a Private Student Loan Comparison Chart of different lenders as well.

While a student may borrow an alternative loan from any lender that is registered with Elm Resources, below we've identified a group of lender programs that College of Charleston students commonly use. The College of Charleston lenders are ranked alphabetically by lending rates, then by lender.

	The College of Charleston's Alternative Loan List
	Top College of Charleston Alternative Loan Lenders. Comparison chart includes loan information, application links, and special benefits/incentives.
	Private Student Loan Comparison Chart
	FinAid's Private Student Loan Comparison Chart provides information about loan limits, interest rates and fees for popular alternative student loan programs.
	Global Student Loan Corporation
	Global Student Loan Corporation offers alternative loans to accommodate International Students without having to provide a U.S. cosigner.
	Springs Close Foundation
	Provides grants and interest-free loans for undergraduate students who reside in Lancaster County, Chester Township in Chester County and Fort Mill Township in York County. Applicants must be attending a South Carolina institution. Applications and additional requirements are available from the Springs Close Foundation website, or you may contact them at: 1826 Second Baxter Crossing Fort Mill, S.C. 29708. Tel: 803.548.2002