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Alternative Loan Programs

All students and parents are urged to consider the federal Title IV educational loans offered in the financial aid award notices before seeking loans from the Alternative Loan Program.

If you find that you need funding beyond the limits of the Federal Direct Student Loan Program, you may wish to consider the Alternative Loan Program. These loans are not guaranteed by the federal government and are considered private loans. We urge all students, parents and guardians to research any lender they are considering for this type of funding and to specifically ask about the interest rates and whether or not the loan may be sold to another provider with the same repayment provisions as the original loan, etc. Long Island University, Hudson Graduate Center does not recommend any particular alternative loan lender.

Alternative loan funding should be considered only after exhausting eligibility for Federal Direct Student Loans. If you wish to consider an alternative loan, you must complete the FAFSA in order for the Office of Student Financial Services to certify your eligibility for the loan. When applying for an alternative loan, you may be asked to provide a co-signer, as these loans are based on income and FICA scores, etc.

Most of the processes involved with securing alternative loans are electronic for application filing, institutional certification, and approval information. Generally, electronic processing requires at least 72 hours before a lender will respond. The Office of Student Financial Services will help you in this process and must determine for you the maximum loan amount you will be allowed to borrow without interrupting your eligibility for your other financial aid awards. The complete process can take anywhere from 7 to 10 business days.

If you are a dependent student and wish to borrow an alternative loan, you must submit the Loan Adjustment Form, You must have your parent or guardian complete the section pertaining to Declining All Federal Direct Student loans. The parent must check off the line which states "My parent wishes to decline the offer of a Federal Direct PLUS Loan so that the student will be able to apply for an Alternative Loan." Parent or guardian signature is required on the bottom section of the form.

The lenders on the list provided below are the lenders that other Long Island University, students have used over the past five years. This list is reviewed and updated annually. You are not required to use any lender on this list. You have the right to select the education loan provider of your choice. You will suffer no penalty for choosing a lender that is not on this list. All lenders on this list have certified to Long Island University that the advertised repayment terms will continue to the borrower’s benefit even if the loan is sold to another lender:

Lending Institutions

Chase - Chase has an agreement to sell its loans to an unaffiliated lending institution.
www.chaseselectloans.com
1 (866) 306-0868

Citibank - Citibank has an agreement to sell its loans to an unaffiliated lending institution.
www.studentloan.com
1 (800) 788-3368

New Jersey Higher Education Student Assistance Authority
www.hesaa.org
1 (800) 792-8670