Eligibility
Students in need of additional funding may consider alternative (non-government) loans. Please note the following information:
- All US students can apply, including those not registered in a degree program
- Students studying less than half-time are eligible to apply for a loan fromÂ
- Students may borrow up to the cost of attendance minus any financial aid received
- A co-signer may be required
- Alternative loan interest rates, fees and repayment options differ from US government loans
- Â鶹AV will certify other alternative loans provided the organization will lend to a student attending an institution outside the US
Applying for a US alternative loan
Students should apply online via the loan provider's website (see list below). The lender will contact our office for cost and registration information.
- (for New Jersey residents)
- (Vermont residents)
- (Rhode Island Student Loan Authority)
Receiving your US alternative loan
All students receive their alternative loan funds by cheque in two equal disbursements (usually in September and January for Fall and Winter terms).Â
An e-mail notification is sent out by the Â鶹AV Scholarship and Student Aid Office when the cheque is received. If it requires the student's endorsement, they will be invited to come to our office to do so. The cheque will then be deposited into their student's fee account.
- The Sallie Mae loan will be deposited through electronic funds transfer and disbursed in 2 equal installments to Fall and Winter term tuition and fees
- For Earnest, VSAC, RISLA and NJ Class loans, students currently receive their alternative loan funds by cheque in two equal disbursements (usually in August and December for Fall and Winter terms). An e-mail notification is sent out by Â鶹AV's Scholarships and Student Aid when the cheque arrives. The student will be advised whether the cheque requires endorsement prior to being deposited into the student’s fee account.