What is a private (alternative) loan?
Private educational loans are available from private lenders for students whose cost of attendance has not been met with other financial aid. The FAFSA (Free Application for Federal Student Aid) is not required to apply for a private loan, however students are encouraged to file the FAFSA to exhaust federal aid options before applying for private loans. Private loans are not federal student aid.
What if my PARENT wants to borrow for me?
Parents of dependent students have the option to borrow loans, in their own name, on behalf of a student. For more information, please visit our Parent Loan page.
How do I choose a private lender?
- Ferris State University does not endorse or recommend any lender.
- Terms and conditions vary widely from lender to lender and different loan features are important to different borrowers.
- It is very important that each borrower research and compare multiple lenders in order to find the best loan product for them.
To help you begin your research, we are providing you with tools that can assist you in your search for a lender. These tools are provided as a starting point for your research, not as a recommendation or endorsement. The tools below are not an all-inclusive list of lenders or loan products that are available. Ferris State University will process an alternative loan from any lender that you choose. FastChoice represents a list of the lenders that most Ferris students have selected during the past three years. Comparing lenders on this list may be helpful in determining interest rates, borrower benefits, repayment terms, etc.