Alternative loans are available through commercial lenders for educational costs during periods of enrollment. 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.
Before disbursement of any private education loan can occur (during periods of enrollment only), the private loan self certification form must be completed and submitted to your lender.
1. Following the instructions included on the form below.
2. In order to complete Section 3 of the form, you will need to access:
3. Submit this form to your lender once completed; do not submit this form to Financial Aid Office.
International students may be eligible for alternative loans. Click here for further information.
Bar study loans are post-enrollment educational loans 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 are not eligible to apply until they are in their final year of study and lenders may require the Financial Aid Office to certify students' graduation date. 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 the Private Student Loan Comparison Chart at the bottom of the Private Student Loans webpage as an aid in selecting a lender for your Bar Study Loan.
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:
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:
Additional information is available here.