At Platt College, our financial aid department is committed to finding ways to help you fund your dream of becoming a professional nurse. If your tuition isn't fully covered by financial aid funds, you might consider private student loans, sometimes referred to as alternative loans.
Platt College encourages students to seek federal student loans first, including a Parent PLUS Loan, which may help fund your education at a lower entrance rate. Also consider exhausting all scholarship and grant options prior to considering taking out alternative loans.
The federal government does not fund alternative loans, which are credit-based loans approved based on a good credit history of a student and/or his or her co-signer. Co-signers may be required for an alternative loan for students who have little or no credit history or who have a negative credit history. Occasionally, a lender may still require a co-signer regardless of a student's credit history.
Before applying, you should check your credit report for any discrepancies. The lender of your choice has sole discretion on approval of alternative loans.
While Platt College does not endorse any lender, you should carefully review the interest rate and fees charged by the alternative loan lender. Many loans have a variable interest rate that changes quarterly, with no cap or a very high cap on the interest rate. The interest rate is usually related to the credit score of the borrower. Most alternative loans give students 15 to 25 years for repayment. You typically don't have to make payments on alternative loans while enrolled in school at least half-time. You may be allowed a grace period should you drop below half time enrollment or withdraw, but it's up to the lender as to whether or not a grace period is granted.