| Alternative Student Loans
Student loans that
are not part of the Federal Student Aid program are often referred to as “alternative”,
“supplemental”, or “private” loans.
These loans usually require a cosigner, have variable interest rates,
and accrue interest from the time loan funds are delivered. Many lenders offer an option to defer repayment
of principal and interest until after graduation as well as an option to defer
repayment during graduate study. More
information about alternative loans, their costs, and terms
can be obtained from alternative loan lenders. Federal Student
Aid regulations do not allow Macalester to recommend specific
alternative loan providers. Macalester students may obtain loans
from any lender of their choice.
We recommend
that students first apply
for financial aid before considering an alternative loan. United States citizens and
Permanent Residents who choose not to apply for financial aid from Macalester
may still access the Federal
Stafford Loan program by filing the Free Application for Federal Student
Aid (FAFSA). Please review your federal loan options including
the parent
PLUS Loan before pursuing an alternative loan.
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