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Alternative Loan Information Sheet

Alternative Loan Information Sheet

(Accepted Direct Loan Awards)
An alternative student loan is a personal loan from a bank, credit union or other non-government entity used for educational expenses not covered by financial aid resources. The United States federal government does not guarantee or subsidize alternative loans. The terms and conditions vary and are set by each lender. Interest rates and repayment options do not adhere to the same guidelines as federal Direct Loans. For additional information about Direct Loans visit studentaid.ed.gov or call our office.
The Office of Financial Aid recommends students and families apply for federal financial aid first by annually completing the Free Application for Federal Student Aid (FAFSA) online at fafsa.gov .
Our records indicate that you have submitted an application for an alternative loan and have accepted your federal Direct Loans award.

Please select from one of the following:
Please do NOT process my request for an alternative student loan. I will have enough financial aid to cover my educational expenses from the federal financial aid that has been awarded to me.
Please continue to process my request for an alternative loan. I am aware of the benefits of federal student aid but also chose to borrow an alternative student loan. I understand that I cannot be awarded over my cost of attendance. I also understand that my alternative loan disbursement will come in two payments, and the disbursement date is set by the lender not the school.
Please select the period of enrollment you wish to receive your alternative loan. Only choose one.
**I understand that my alternative student loan will not be processed until this form is completed and returned to the Office of Financial Aid. I also understand that it is my responsibility to submit this form prior to my credit expiration date or I will have to resubmit my alternative loan application with my lender.
LALTDA (Fund: Altln)
Return completed form to: Student Central, Box 93260, Lake Charles, LA 70609; Fax 337-475-5068; Email finaiddocs@mcneese.edu