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Alternative Loans

Alternative Loans are private loan programs offered by the lenders to credit-worthy students to meet educational expenses not covered by financial aid. Students who are not eligible may apply with a credit-worthy co-borrower.

When determining how to pay for your education, it may be necessary to supplement your other financial aid with education loans.  Direct Stafford Loans, subsidized and unsubsidized, are the student’s first choice in borrowing. Once you have reached your annual Direct Stafford Loan limit, there are two additional  types of federal student loans from which to choose: the Parent PLUS Loan (for parents of dependent undergraduate students) or the Graduate PLUS Loan (for students in a graduate program). You may also want to consider an Alternative (Private) Student Loan, as some lenders now have fixed interest rate options. (Variable interest rates may change. Fixed interest rates do not change.) It is important to compare interest rates and origination fees, as well as deferment and repayment options before choosing a loan. To assist you in comparing federal and private loans, we have included some "Questions to Ask the Lender"  and a Comparison Tool for you to use. 

FIT strongly recommends that you apply for financial aid by filing a FAFSA before applying for an alternative loan in order to be considered for all federal, state, and institutional aid that you may qualify for, (including federal loan programs such as the Direct Student Loan program which may have more beneficial terms than the alternative loan program).

If you choose to apply for an alternative loan before you file a FAFSA, we will not process it unless you first submit a Slate Confirmation Form to the Financial Aid Department.

The terms of each of these loan programs and lenders vary; thus, you are advised to investigate each and decide which is most advantageous for you. Prior to completing an application and promissory note, we suggest you apply for pre-approval to determine whether or not you need a co-borrower. If you have had prior educational loans with any lender, it is recommended that you apply with your previous lender.

If you apply online and are pre-approved, the lender you select will notify FIT that you completed the application and promissory note. If you have been accepted and have paid a tuition deposit, we will complete a certification form that completes the process. If you applied prior to your acceptance, a certification form will not be completed unless you are admitted and pay a tuition deposit. The amount for which you may be eligible depends upon the cost of attendance minus any financial aid you may be awarded.

We encourage you to review your charges and apply only for the amount you need. Loans must be repaid with interest. Delinquencies have dire circumstances and can ruin your credit for years.

FIT neither provides nor maintains a list of suggested alternative loan lenders. However, as a service, FIT has provided a link to a list of Alternative Loan Options provided by Student Lending Analytics (SLA).

The data accessible through this linked website is for informational purposes only and is not represented to be error free. Any link to non-Fashion Institute of Technology information is provided as a courtesy and does not imply endorsement, investigation or verification by the College of the linked website or information contained therein.


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