Private Alternative Loans
In addition to the Federal student loan programs, there are private non-need based loans students can borrow to help pay for their educational expenses. Since these loans are not subsidized by the federal government, they are usually higher-cost loans (higher interest rate) to the borrower and should only be considered as a last resort after all other financial aid options have been explored. Most private loans require a co-signer; however, repayment of principal and interest may be deferred in most cases.
Having a credit-worthy cosigner will also likely reduce the cost of the loan (interest rate, up front and back-end fees, etc.) Please be aware that the cosigner is fully responsible for repaying the loan should the borrower stop making payments. There are some alternative loan products that offer a cosigner release option after a specified number of on-time payments are made and the borrower is credit-worthy.
Because there are numerous private loans available to students today, finding the right loan that best meets your financing goals can be challenging. To assist you in this process, Cal U has partnered with Simple Tuition. Simple Tuition provides an interactive loan comparison tool to assist students and families in evaluating and selecting the best private loan option for their specific circumstance.
Please Note: Some private lenders may offer loan programs to students who are enrolled less than half-time. Unfortunately, at California University we do not participate in those loan programs. All students, regardless of the type of private loan they are borrowing from, must be enrolled at least half-time (six credits – undergraduate and five credits – graduate) in order for our office to process the loan application.
CLICK HERE to access the Simple Tuition Loan Comparison Website
Compare student loans with SimpleTuition
Please Note:
In order to provide our students with the most efficient alternative loan application process as well as those alternative loan lenders that provide the best interest, deferral, and repayment options, please apply using one of our alternative loan lenders listed below:
Application and general information regarding this alternative loan can be obtained at: www.suntrusteducation.com/priv/cup or call 1.866.763.6350
Application and general information regarding this alternative loan can be obtained at: http://www.chasestudentloans.com/custom/cup/ or call 1.866.306.0868
Application and general information regarding this alternative loan can be obtained at: www.citiassist.com or call 1.800.STUDENT
Application and general information regarding this alternative loan can be obtained at: http://www.citizensbank.com/trufitstudentloan or call 1.800.708.6684
Application and general information regarding this alternative loan can be obtained at: www.salliemae.com/smartoption or call 1.888.2.SALLIE
Application and general information regarding this alternative loan can be obtained at: www.pnconcampus.com or call 1.800.762.1001