The SVCC Alternative Loan Policy is established by the Director of Financial Assistance to ensure a balance between servicing our students and ensuring a reasonable level of student loan debt.
Alternative Loans may be pursued by a student to assist in paying for programs at SVCC which are not financial aid eligible. Students may also request additional Alternative Loan amounts to assist in paying for other school related charges while attending SVCC. Alternative Loans are loans that are used as a last resort to assist the student when no other financial assistance is available.
There are many different types of Alternative Loan packages. You will need to select the lender you wish to use and determine which Alternative Loan program best suits your needs. There are two ways Alternative Loans can be pursued. They are school certified Alternative Loans and non-school certified Alternative Loans. Sauk Valley Community College does not endorse any one lender over the other. You may choose any lender that does Alternative/Private loans. You are required to conact the Financial Assistance Office once you have received an approval status from the lender.
Choosing an Alternative Loan
For more Information on Alternative Loans, click here.
Depending on the type of Alternative Loan, the lenders will generally have different eligibility requirements. These will be listed at the site for each lender. They may include but are not limited to:
- Enrollment status
- Attending an Alternative Loan approved school
- Credit guidelines
- U.S. citizenship
Interest rates will vary depending on the type of Alternative Loan. Generally speaking, school certified Alternative Loans have better interest rates than non-school certified Alternative Loans. If you have questions about the Alternative Loans and the interest rates please contact the lender.