Alternative Loans
Selection Criteria for Lenders
Alternative loans are loans that students can borrow from outside lenders. These loans are designed to bridge the gap between costs and traditional funding sources, such as federal student and parent loans, grants and scholarships.
The student is the borrower and, most often, will need a credit worthy co-signer. The student has the choice of repaying the loan while in school, paying interest only, or deferring payments until they are out of school (interest accrues). Interest rates can vary with different lenders, as well as fees. Alternative loans can also be an option to international students (must have a U.S. Citizen as a co-signer); part-time students; and non-matriculated students. These loans are private loans specifically used for educational expenses and are limited to the cost of attendance.
Binghamton University suggests the following lenders which have been selected for their high volume of student choice, quality customer service, ease of application, and timeliness of funds disbursement. You are also encouraged to research all alternative loans thoroughly, in addition to those listed below by clicking on the comparison chart link at the bottom of page.
Binghamton University nor its staff benefit from students and/or parents participation with one particular lender.
Chase Bank
Chase Select. Apply online or call 1-866-306-0868.
Citibank
CitiAssist Education Loan. Apply online or call 1-800-967-2400.
Sallie Mae
Signature Student Loan. Apply online or call 1-800-292-6868.
Alternative Loan Comparison Chart
This chart lists various loan products offered by lenders, with applicable interest rates, loan limits, fees, and guidelines for borrowing.
