Loyola's suggested lending institutions offer a variety of private loans for students to receive additional funds beyond those received from federal, state, and institutional sources. Alternative loans are low-interest, unsecured loans. Eligibility for most of these programs is based on the creditworthiness of the borrower.
The loans typically allow students to begin repayment of the loans after graduation or ceasing to be a half-time student. Please contact the lender directly with any questions related to a loan program's specific terms and conditions and how they apply to you. Remember, each loan has different terms and conditions.
Undergraduate students: You may be required to obtain a co-signer to receive an alternative loan.
Graduate students: You may also want to consider Graduate PLUS Loans as a source of additional education funds.
BorrowSmart
BorrowSmart is a comparison tool for students and parents. It will let you enter the remaining balance for the academic year (from the Bottom Line or e-Bill in LOCUS) and compare the options (payment plan and/or additional loan) to pay that balance. BorrowSmart also lets you compare the loan options and determine the best options for you. The site will also direct you to other sites to begin the applications for payment plan or for additional loans. You aren't required to use BorrowSmart, but it is a very worthwhile tool to consider using as you compare options.
(Reminder: If you use the e-Bill, which is the best place to review the balance due, remember that the Bursar only bills for one semester at a time. When using BorrowSmart before the Fall Semester, remember to plan to double the amount due on the fall e-Bill, so the loan and/or payment plans are set up to cover the entire year's balance.)
Suggested Lenders