Private Alternative Loans

Private Alternative Loans can help you pay college expenses that may not be covered by federal loan programs or other financial aid.  These loans are one source of additional funds to close the gap between your financial aid resources and college costs.

Although you do not need to apply for federal, state or institutional financial aid before applying for an alternative loan, you should.  Private alternative loans typically carry higher interest rates and fees than federal loans. 

Private alternative loan programs are a good option for students who plan to attend a Monterey Institute of International Studies program (such as the Summer Intensive Language Programs) but do not plan to enroll in a degree program at the Monterey Institute, as well as international students with at least two years of credit and/or a creditworthy US Cosigner.  They are also a favorable alternative for US degree-seeking students who have been awarded the maximum available in federal student aid, but need additional funds to help meet the cost of living expenses.  Find out first what institutional aid you qualify for before you apply for a private alternative loan. 

Review the Private Alternative Loan Comparison Chart and select the private alternative loan program that will best fit your needs and contact that lender to apply. 

You are encouraged to borrow only the amount necessary to cover that portion of your educational expenses that cannot be covered by other means.  You cannot borrow more than the cost of attendance, as determined by the Office of Student Financial Planning (OFSP).  The OFSP will work with you to determine the student budget amount for the proposed term of study.  The cost of attendance includes: tuition and fees, housing expenses, books and supplies, transportation costs and personal expenses.