There are a variety of private loans for education that are available. Students and their families may want to pursue federal education loans first, since they carry lower, and often tax-deductible, interest rates.

Student loans that are not part of the Federal Student Aid program are often referred to as “alternative”, “supplemental”, or “private” loans.

We recommend that students first apply for financial aid before considering an alternative loan. This may include the Federal Subsidized or Unsubsidized Stafford Loan or the Federal Perkins Loan. United States citizens and Permanent Residents 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.

To assist you in your search for an alternative loan, we have provided a list in alphabetical order (below) of the alternative loan lenders that Macalester students have accessed in the past three school years (from 2009-2010 through 2011-2012). Please understand that you may select any lender for your educational loans. You are not required to select a lender from this list.

• Affinity Plus Federal Credit Union - Affinity Plus Private Student Loan
• Discover Student Loans - Private Loan
• Massachusetts Education Financing Authority - MEFA Loan
• Minnesota Office of Higher Education - Student Education Loan Fund (SELF Loan)
• New Jersey HESAA - NJCLASS Loan
• Sallie Mae - Smart Option Student Loan
• Student Loans of North Dakota - DEAL Loan
• Wells Fargo - Collegiate Loan

Your lender will ask you to complete a Self-Certification form. The Self-Certification form will be provided by your lender. Please be sure to respond to the request for the Self-Certification form and all disclosure statements in order to avoid delays in delivery of your loan funds.