Private Loans

Many students and families believe that if they do not qualify for loans from the federal government, then there are no other programs to help. That simply isn't true.

Private (or alternative) loans help you pay for every level of education. With the cost of quality education increasing every year, private loans can help bridge the gap when savings, government loans, scholarships, and grant programs do not meet your needs. Private loans should ONLY be utilized when all other sources of funding have been exhausted.

Private loans typically differ in many ways from traditional or government education loan programs, and features such as these are common (but not universal):

• funds can be used for any education-related expenses
• no application deadlines; apply at anytime
• fast online, preliminary approval
• funds sent directly to the borrower
• competitive interest rates
• flexible in-school deferment for undergraduate, graduate and continuing education students
• availability to international students with an eligible U.S. cosigner

Union Plus Education Loans offer a unique strike benefit for union members who have been on strike for 30 days or longer. Payments are made for you for up to 60 days if your account is in good standing. Payments need never be repaid.

Many private loan applications lacking a cosigner are denied. Applying with a qualified cosigner not only increases your chances of approval, but also improves the likelihood that you'll be eligible for lower rates and fees. Approval is based in part on credit-worthiness. Please visit your financial aid office for more information on private or alternative student loans.