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Alternative Loans 

Alternative/Private education loans are additional loan opportunities available through commercial lenders.

Alternative loans may be used as a source of financial aid in addition to Illinois College, state and federal assistance. These loans are subject to credit analysis and may require a co-signer. Since federal loan programs are less expensive than private loans, students should consider alternative loans last when developing a strategy to pay for higher education at Illinois College. Other financing options include a home equity line of credit, which may have tax benefits for some families, or another type of collateralized loan. You may want to discuss these with your financial adviser.
 
When choosing an alternative loan program, some of the following factors should be examined:
The importance of a co-signer. Students will likely have better chances of being accepted for an alternative loan and receive a better interest rate if a credit-worthy co-signer is used. 

  • Interest rate. The interest rates are typically variable and may be based on either the LIBOR or Prime rate.
  • Loan fees. An origination fee is the amount of money that the lender keeps off the top of the loan proceeds. For instance, if $1000 is borrowed with a 5% origination fee, the borrower will actually have $950 disbursed towards their account, as the lender keeps $50. When the loan is repaid, payments are based on borrowing $1000.
  • Loan repayment and deferment options. Some lenders will allow students to defer payments until after graduation, while others require interest payments while in school. Repayment plans may differ as well.

Alternative Loan Lenders
Below is an inclusive list of lenders used by Illinois College students during the past three (3) years that are currently offering an alternative loan program. The College does not have a preferred lender list and has not entered into a preferred lender arrangement with any lender. Illinois College will process private/alternative loans through any lender the student chooses. Borrowers are not limited to the lenders listed below.

Ascent Independent Student Loan

1.877.216.0876

 

Bank of Lake Mills

1.920.648.8336

 

CEFCU

1.800.542.3328

 

Citizens Bank Student Loan

1.800.600.0008

 

College Avenue Student Loans

1.844.422.7502

 

Commerce Bank

1.800.666.3910

 

cuScholar

1.888.549.9050

 

Custom Choice Loan

1.866.232.3889

 

Discover

1.800.788.9968

 

EdVestinU

1.855.887.5430

LendKey

1.888.549.9050

MEFA

1.800.266.0243

 

Partnership Financial Credit Union

1.847.697.3281

 

PNC Private Student Loan

1.800.762.1001

 

Partnership Financial Credit Union (altUndergrad LOC)

1.847.697.3281

 

Sallie Mae

1.855.756.5626

 

SoFi

1.855.456.7634

 

Thrivent Federal Credit Union

1.866.226.5225

 

University of Illinois Employees Credit Union

1.877.678.4328