Alternative loans are available through commercial lenders for educational costs. They are based on credit-worthiness (meaning that the lender will do a credit check). We recommend that students request a copy of their credit report to check for accuracy and that all valid credit problems are addressed before applying for an alternative loan.

We strongly suggest that students submit a FAFSA and seek federal loan assistance before attempting to participate in any alternative loan programs.

International students may be eligible for alternative loans.  For further information please click here.

Apply for Alternative Loans.

Bar study loans are specifically designed for law students. They assist with bar application costs and living expenses during the period the student is studying for the Bar. These loans are not need based and require credit worthiness.  Students aren't eligible to apply until they are in their final year of study and the loan must be certified by the Financial Aid Office. Students may borrow with the lender of their choice.

Bar study loans should be submitted directly to your lender. We certify loan applications after your lender has processed and approved your request. You may use our Alternative Lender Comparison chart as an aid in selecting a lender for your Bar Study Loan.

Understanding Credit Scores

Fair Isaac Corporation, FICO, recently updated its credit-risk assessment model. According to Fair Isaac, the new model, FICO 08, will allow lenders to better predict which borrowers are likely to default on their obligations. FICO projects that the new model will improve the accuracy of lending decisions by 15%.

FICO 08 will:

• Still range from 300 - 800 (the higher the score, the lower the assessed risk of default).
• Increase credit scores for persons with accounts with good repayment histories.
• Increase credit scores for person who have one major account in delinquency but otherwise have a number of major accounts with good repayment histories.
• Reduce credit scores for persons with poor repayment histories, especially persons who are habitually delinquent.

TransUnion LLC has started offering the new score. Equifax is expected to follow in the second quarter of 2009 while Experian Group Ltd. does not offer the FICO score.

The factors included in FICO 08 to determine creditworthiness are:

• Payment History (35% of score)
• Account Balances Relative to Available Credit (30% of score)
• Length of Credit History (15% of credit score)
• Recent Credit Applications (10% of credit score)
• Types of Available Credit (10% of credit score)

Additional information is available here