Alternative/Private Student Loans
Alternative loans are not federal loans. They are private student loans offered by some banks and credit unions. Each lender sets its own interest rate and fees, typically higher than those of federal loans. In addition, the student must meet the lender's borrower criteria, and in some instances, may have to provide a cosigner.
We encourage students to borrow alternative loans as a last resort only after exhausting their eligibility for the federal loan programs. You may research lenders on your own or click here to view lenders that BYU students have used in the past three years.
After the loan has been approved by BYU, please allow 3-4 weeks for the funds to post to your student account.