If you have educational expenses that can't be met through other sources of financial aid such as scholarships, grants, or federal educational loans, a private education loan, sometimes called "alternative loan", may be an option. A private education loan is a consumer loan offered by banks, lending companies, and other private entities to an individual for the purpose of paying college expenses. Before applying for a private loan, make sure you take advantage of any free money available to you, such as scholarships or grants, and federally guaranteed student loans which provide a lower cost financing solution.
Graceland University does not recommend or endorse any private loan lender. Web searches for private education loans typically provide multiple loan options. You must select your private loan lender; the financial aid office cannot do it for you.
The entire private alternative loan process can take up to six weeks--two weeks for the student to obtain and complete the application, two weeks for the school to certify the application, and two weeks for the lender to send the loan funds to the University and for the University to process the funds.
Items to consider when selecting a private (alternative) education loan
You should carefully evaluate a private education loan product before accepting any loan proceeds. That includes reading, and absorbing, the terms of the private education loan promissory note and all disclosures that the private education loan provider sends to you.