• Choosing an Alternative Loan
• Customer Service
• Loans to Check Out (including table of lenders)
• Glossary

Alternative loans are available to students who are not eligible for federal loans or who need assistance beyond their financial aid eligibility. These loans are made privately through banks and other financial institutions and are subject to their terms. Graduate students should consider taking out a Graduate PLUS Loan before an alternative loan.

Choosing an alternative loan

The best option is to keep your loan debt to a minimum by planning ahead and budgeting yourself carefully. Alternative loans should only be considered after applying for federal student aid and an honest and careful review of how you will be able to manage your total debt upon graduation. When selecting a loan, choose one that offers you the lowest costs without sacrificing quality customer service. Determine what your monthly payments will be before you take out a loan. To get an idea of what those payments might be, use the repayment calculator on that bank’s web site or try one at www.finaid.org. Also be sure to ask each lender what the total cost of the loan will be.

Costs

Ideally you want the loan with the lowest interest rate, lowest fees, and best customer service. Loans with lower fees often have higher interest rates, and loans with lower interest rates often have higher fees. You should do some calculations based on your specific situation to decide which one will serve you better.

Example:
Two loans are presented - one with a lower interest rate and one with a lower origination fee. Calculations are given for a 10-year repayment period and a five-year repayment period.

Principal (loan amount): $7,500

The lenders listed below have streamlined the process by disbursing loans directly to your student bill by electronic funds transfer (EFT). Other lenders are also available - you are free to use any lender you wish. We are required to process the documents required for you to obtain a loan from any lender you select. If you want to review other options, see a financial aid counselor. With all of the controversy surrounding preferred lender lists, CU Boulder has prepared some questions and answers that explain how we deal with lenders. The short answer is that we accept no inducements from lenders, and you can borrow from any lender you choose. The long answer can be found here.

Neither the Office of Financial Aid, nor any staff member have accepted any incentives from any lender for inclusion onto this list. Inclusion on this list is based solely on our analysis of the offers that are best for our students. The Office of Financial Aid does not recommend, promote, endorse, or use any educational loan products of these lenders. This list is periodically updated.

Bank	Enrollment	Interest Rate and Fees	Other
Citibank CitiAssist Loan 800-745-5473 studentloan.com	Undergraduate or graduate. Enrolled in at least one class.	Prime minus .5% No fees	Twelve years to repay (15 for Graduate Students), six-month grace period. $18,000 annual income needed to apply without cosigner. Cosigner release option. Loan can include balance from up to one year prior. Foreign students with a U.S. citizen cosigner. Study abroad okay. Graduate school and business college loans available. No SAP policy.
Key Bank Key Alternative Loan 800-539-5363 key.com/educate	Undergraduate or graduate. Enrolled at least half-time.	3 mo LIBOR + 3.0% or 3.60% (depending on co-borrower) No fees	Ten to twenty years to repay (depending on aggregate debt), six-month grace period. At least two years of credit history needed to apply without cosigner. Cosigner release with 48 consecutive on-time payments. Graduate school loans available. Study abroad okay. Must maintain satisfactory progress.
T.H.E. T.H.E. Law/MBA Loan, T.H.E.Graduate Loan, T.H.E. Undergraduate Loan 800-366-0604 northstar.org	Undergraduate or graduate. Enrolled at least half-time.	3 mo LIBOR + 2.75% to 4.0% (depending on credit score) No fees	Up to fifteen years to repay for undergraduate; up to twenty years for graduate. Six-month grace period for undergraduate; nine-month for graduate. No SAP policy.
US Bank No Fee Education Loan, Gap Education Loan, Graduate Education Loan, GOAL Loan 800-344-3227 usbank.com/studentloans	Undergraduate or graduate. Enrolled in at least one class.	Varies--see lender's website 4% to 9% reserve fees for Gap Education Loan	Twelve years to repay, six-month grace period. $18,000 annual income needed to apply without cosigner. Cosigner release option. Loan can include balance from up to six months with Gap, Grad or No Fee; one year with GOAL. Foreign students with a U.S. citizen cosigner. Study abroad okay. Graduate school and business college loans available. No SAP policy.
Wells Fargo Collegiate Loan 800-658-3567 wellsfargo.com	Undergraduates enrolled in at least one class.	Prime + 0, 1.5%, 3.5% or 4.5% (depending on credit) No fees	Maximum of 12 years to repay. Foreign students with a cosigner. Study abroad okay. Graduate school and business college loans available. No SAP policy. Cosigner release with 24 consecutive on-time payments. Interest rate reduction with automatic payments. .5% interest rate reduction after 48 on-time payments.