Alternative Loans are available to students through private lenders. These types of loans are an option for students who are either ineligible to borrow through the Direct Loan program or who have exhausted their eligibility for Direct Loan funding. Generally, students may apply for a loan of up to the cost of education, as determined by the Financial Aid Office, minus any other aid (including federal loans).
Alternative Loans are not regulated by the federal government, and the terms and conditions of the loans may vary widely among lenders. Since there are many options, you will want to compare lenders to find the Alternative Loan that best meets your needs. As a starting point, we have compiled a list of preferred lenders. The lenders appearing on the list have been chosen without prejudice and for the sole benefit of Monmouth University students. Interest rates and fees, borrower benefits, life of loan servicing, and meeting customer service standards have all been taken into consideration on our lender evaluation scorecard. You are free to choose ANY lender-whether it is on the list or not – without penalty. In the event that you choose a lender not appearing on the list, please notify the Financial Aid Office so we may assist in processing your loan.
Once you have selected a lender, you will need to complete an application. All lenders offer the option to apply online. We strongly recommend applying online, as typically applicants will receive a credit decision within moments of completing the application. The Financial Aid Office will then certify the loan, and once the semester begins, funds will be forwarded to the University and credited to the student’s account.
Our code of conduct with regard to loans may be viewed online. Additionally, the National Association of Student Financial Aid Administrators code of conduct with regard to loans may also be viewed online.