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Options to Consider Before Applying
for an Alternative Loan


  • Apply for Financial Aid
    Before considering private loan options, you should apply for federal, state and institutional financial aid, including federal student loans which have a fixed interest rate. Keene State College strongly encourages all students to apply for financial aid using the Free Application for Federal Student Aid (FAFSA).
  • Tuition Pay
    Tuition Pay is another financing option available to families. Tuition Pay Monthly Budget plan is available through Tuition Management Systems (TMS). You may also apply on-line at www.afford.com.
Alternative Loans

Here are some points to think about:

  • Alternative loans are private loans
  • The interest rates can be variable or fixed
  • Some alternative loans require that you pay the interest while you are in school.
  • Though Alternative loans are in the student's name, a cosigner is recommended and is often required.

Elm Select is a lender comparison tool. Through Elm Select, students and parents can research the terms and conditions of 8 different lenders and choose the loan that best fits their personal financial situation, educational goals and objectives. Please refer to Elm Select at www.elmselect.com. However, if you wish to use another lender not listed here, you have the right to do so. Each Lender has different enrollment criteria. Please be sure to indicate your status correctly in order to avoid delays or errors in lender choice.

Still considering a Private Loan? To understand the full impact it will have on your financial aid package and your budget click here.

Federal regulations now require additional steps to be taken during the loan application process. Students must now acknowledge three separate disclosures notices and complete a student Borrower Self-certification form with information that can be obtained from your Keene State College Award Notification Letter. To assist you through this process, we recommend that you:

  1. Start the application process early at least 6 weeks before payment is due but not before June 1st,
  2. Complete and return requests from lender in a timely manner, and
  3. Check the status of your loan with your lender frequently. Due to these new requirements, the time required to process your loan will be extended.

Effective February 14, 2010, the Higher Education Opportunity Act (HEAO) requires that before a private educational lender may consummate a private education loan for a student in attendance at an institution of higher education lender must obtain the completed and signed Borrower Self-Certification Form from the applicant. Loan funds will not be released to the school until the Private Education Loan Applicant Borrower Self-Certification Form is complete and submitted to the lender. The form requires two key elements:

  • Estimated Cost of Attendance, based on residency, may be found in one of the charts below.
  • Estimated Financial Assistance can be found on your KSC award notification. If you need an additional copy, you may stop by our office; Elliot Center, Room 107.

Estimated 2012-13 Cost of Attendance
Resident On-Campus Off-Campus Commuter
Tuition & Fees $12,776 $12,776 $12,776
Room & Board $8,762 $7,872 $3,000
Books, Travel, and Personal $2,750 $2,950 $900
Total $24,288 $23,598 $16,676

Estimated 2012-13 Cost of Attendance
Non-Resident On-Campus Off-Campus Commuter
Tuition & Fees $19,676 $19,676 $19,676
Room & Board $8,762 $7,872 $3,500
Books, Travel, and Personal $2,750 $2,950 $900
Total $31,188 $30,498 $24,076

The Financial Aid Office will not certify a Private Loan until the borrower's file is 100% complete with the lender. Borrowers should verify with their lender that all required documents have been completed and received.

If Keene State College receives an Alternative Loan certification request and the financial aid process has not been completed, the certification request will be held until the student has been awarded financial aid unless the student wishes to withdraw from the federal financial aid process. To withdraw from the federal financial aid process, please submit your request in writing for your alternative loan to be processed.

Holding certification of an Alternative loan may result in an expired credit check approval. Credit approval generally expires every 90 days. Credit may need to be rechecked by the lender if the Alternative loan has not been certified by KSC within the first 90 days.

Below is additional information regarding our Suggested Lender Selection Criteria, our Code of Conduct and our Disclosure Statement for Private Lending:


Applying for an Alternative Loan

  1. Select an alternative loan lender.
  2. Submit an online application (your lender will notify you when your application has been approved or denied), and provide your lender a Borrower Self-Certification Form.
  3. If your application is approved, complete the promissory note with your lender.
  4. The KSC Financial Aid Office 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).
  5. The lender will guarantee the loan and send a disclosure statement identifying the disbursement amounts per semester.
  6. Our office will mail the student an award notification listing the alternative loan.
  7. Disbursement amounts may be deducted from the semester's charges after the loan has been guaranteed.

Return to Loans


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Updated: November 9, 2012 KSC Photos on SmugMug Subscribe to the KSC RSS news feed Keene State on Facebook Keene State on Twitter Keene State on YouTube

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