Alternative/Private Loans

Private/alternative loans are not based on financial need, but generally require that the student or borrower have a satisfactory credit history. Actual eligibility for private/alternative loans will be determined after a credit check has been completed by the lender and the amount is certified by NSU. Several lending institutions and nonprofit organizations offer long-term, low-interest educational loans to students and their families. Students may apply for private educational loans in addition to or in place of federal loan programs.

Some lenders require a cosigner or require that the borrower meet debt-to-income ratio criteria. The terms for the loans vary, but many are comparable to the Subsidized and Unsubsidized Federal Stafford Loan programs. Students may be required to contact the lender directly, if instructed to do so. These loans are considered part of a student's financial aid package, and the total of these loans plus all other aid received cannot exceed the university's established financial aid budget for the student. For information regarding specific lenders and to apply online, click here: Guide to Alternative Loans.

Private/alternative loan awards reflect the amount certified by NSU. For more information regarding alternative loans, check with the Office of Student Financial Assistance at 800-806-3680.