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Alternative Loan Information Sheet

Alternative Loan Information Sheet

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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 our office has not received your FAFSA, however as of the date of this letter you have missing requirements that need to be fulfilled in order for you to benefit from the federal financial aid programs. Please login to your Banner Self-Service to view the missing requirements. 

Please select from one of the following:
Please do NOT process my request for an alternative student loan. I will submit my FAFSA and complete the federal financial aid process. I understand the financial aid office will calculate my eligibility for all federal aid programs, once they receive my processed FAFSA, and then post the information to my student account on Banner Self Service. After I review this information, I will contact the financial aid office if I still need this loan to supplement any federal aid offered.
Please continue to process my request for an alternative loan. I am aware of the benefits of federal student aid but chose not to participate in the federal aid programs. 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.
LALTRF (Fund: Altln)
Return completed form to: Student Central, Box 93260, Lake Charles, LA 70609; Fax 337-475-5068; Email finaiddocs@mcneese.edu