Alternative Loans

Students who do not qualify for federal financial aid, or who need additional funds beyond what federal financial aid can provide, have an option of applying for an alternative (private or non-federal) educational loan. Alternative loans are generally more expensive, therefore should only be considered if absolutely necessary. Terms and conditions of alternative loans vary depending upon the organization or lender; therefore it is important to research all lending options to be able to make an informed decision and to determine which loan is best for you.

Alternative loans are not guaranteed and can take several weeks to be processed. Each organization or lender has a different application procedure and sets its own criteria for loan approval. You may be required to apply with a co-borrower and most lenders will require a credit check and/or an income-to-debt ratio on the borrower and/or co-borrower.

We have provided a list below to help students identify some of the alternative (private or non-federal) educational loans that are available to Mississippi State University students. The alternative loans listed include primarily those loans that are most frequently used by MSU students. Also, the lenders listed are part of the ELM/NDN educational loan processing and disbursement delivery system.

ELM/NDN allows MSU to electronically process the alternative loans and provide fast, secure delivery of the loan proceeds to the student. Loan proceeds for the listed lenders will be sent to MSU electronically and the funds transferred to your student account through Account Services. Once loan proceeds are received by MSU, you will need to contact Account Services regarding any refund that may be owed to you.

For further information or for instructions on how to apply for an alternative loan, visit the web site or contact the organization or lender of your choice.