Alternative Student Loan Options
Alternative Student Loans
Eligibility for alternative student loans is based on credit-worthiness and ability to repay, not on financial need. While alternative student loans are borrowed by the student, most private loans require a co-signer and offer deferment of principal payments while the student is enrolled.
Alternative Student Loan Lender List Disclosures
In an effort to provide better information to our students, Allen College utilizes the FASTChoice tool. To access FASTChioce, please select the following link: https://choice.fastproducts.org/FastChoice/home/3069100/1.
- Students may borrow from any lender they choose and are not required to use a lender on the FASTChoice site.
- The lenders on FASTChoice were selected based on historical review of who Allen College students have used in the past two years.
- Allen College has a published student loan code of conduct that must be followed.
Maximizing Federal Financial Aid First
Federal and state law also mandates that we disclose the maximum amounts of Federal Grant and Loan assistance that are available. Maximum eligibility for Federal financial aid is based on the results of the FAFSA and is outlined on the student's award letter. The following is a list of maximum annual awards in each program:
- Pell Grant - $5,920
- SEOG - $1,500 (Award amounts are dependent on federal funding with a typical Allen College award maximum being $300)
- Stafford Loan - $5,500 (freshman class); $6,500 (sophomore class); $7,500 (junior class and above); Independent students can receive an additional $4,000 (freshman and sophomore class) or $5,000 (junior class and above); $20,500 (graduate/doctoral level)
- PLUS Loan - a credit-based loan for graduate or professional students and parents of dependent undergraduate students with a maximum determined by the difference between cost of attendance and the student's financial aid award.