Students: Please submit Alternative loan applications before Friday, July 11, 2008; applications submitted after July 11 may not be guaranteed by the payment deadline.

Overview

Alternative Loans may be borrowed as a means of paying any balance on your bill. However, alternative loans should only be used as a last resort after applying for financial aid and exploring other options such as a payment plan with TuitionPay or a Parent PLUS Loan. If an alternative loan is necessary, we highly recommend that the process be started as soon as you know your financial aid award. Bills are due at the beginning of August for the fall semester and at the beginning of December for the spring semester. Although the lending institution of choice is completely up to you, we strongly recommend that you consider the following.

Alternative loans are based on creditworthiness and carry competitive interest rates. All vary on the amount you may borrow, the fees charged, and the terms of repayment. Ask important questions when considering an alternative loan program. These questions should include, but are not limited to:

• How much may I borrow?
• What are the fees associated with the loan?
• What is the interest rate on the loan?
• How is the interest rate calculated?
• What are the terms of repayment?
• How much will my payments be if I borrow $x?
• Do I need a co-signer?

Frequently Used Alternative Loan Programs at KSC

• Signature Loan
• CitiAssist Loan
• Advantage Loan (Vermont residents only)

Please Note:

• The loan programs listed above are not an exclusive listing of all available alternative loan programs.
• Students are encouraged to complete their own research and choose an alternative loan program that best meets their financing needs.
• The steps below pertain to frequently used alternative loan programs at KSC.
• See Note to Students On The Use of Other Alternative Loan Programs below.

Apply for an Alternative Loan

First Steps

1. Select an alternative loan program.
2. Submit an online application with the lender you have selected.
3. Student Financial Services will then:
   1. Verify borrower eligibility when we receive the application from your lender.
   2. Certify the application, if the student/borrower is deemed eligible, and forward it to the lender (allow 7-10 business days).

Final Steps

4. Student completes the promissory note with the lender.
5. Our office will mail the student an award notification listing the alternative loan.
6. The lender will guarantee the loan and send a disclosure statement identifying the disbursement amounts per semester.
7. Disbursement amounts may be deducted from the semester's tuition bill.

Note to Students On The Use of Other Alternative Loan Programs

Should a student wish to apply for an alternative loan not listed above, please note that the process will be different from the process explained. The process will be dictated by the lender they have chosen. In addition, the funds may be disbursed via a paper check (instead of electronic funds transfer) payable to the student borrower and the school. When Student Financial Services receives the paper check, the student is notified that the check needs to be endorsed at our office. If a balance is due, credit will be given on the student's account. If the account is paid in full, a refund check will be issued and mailed to the student.

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