Private Alternative Loans

Private Alternative Loans

A Private Alternative Loan is designed to help students meet their educational expenses that are not met by financial aid, grants, or scholarships. The Private Alternative Loan market has grown substantially over the last five years. There are many lenders that now participate in the private loan sector.

NJ Class Loan Program (Fixed Rate Loan)

The NJCLASS Loan Program, sponsored by New Jersey Higher Education Student Assistance Authority, has proven to be a leader among the private loan sector.

This supplemental loan offers up to 20 years for repayment. There is a 2% administrative fee deducted from the loan. It is required that applicants file a FAFSA and apply for a Federal Direct Stafford Loan prior to the NJCLASS Loan. The applicant/co-borrower must be a creditworthy U.S. citizen or eligible non-citizen. The applicant must also be enrolled at least half-time, making satisfactory academic progress.

If you wish to borrow under the NJ Class Loan Program, you may contact NJHESAA at (800) 792-8670 or http://www.hesaa.org.

SMART Alternative Loan Program sponsored by Sallie Mae

This private loan offers up to 15 years for loan repayment. The interest rate is based on the applicant's credit history and applying with a co-borrower can reduce the interest rate. There is no administrative fee deducted from the loan.

For further information, applications, and quick approval, contact the signature express line at (800) 695-3317.

CitiAssist Alternative Loan Program sponsored by Citibank

This private loan offers up to 12 years for repayment. There is no administrative fee deducted from the loan. An international student may borrow with a co-borrower who is creditworthy and a U.S. citizen. For further information, applications, and quick approval, contact Citibank at (800) 394-7580 or http://www.studentloan.com.