The SVCC Alternative Loan Policy is established by the Coordinator 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. Examples of each type of loan have been identified below.
2012-2013: Maximum Loan Amounts:
SVCC has adopted the following policy with regard to school certification of Alternative Loans. The student may request a maximum of all loans for one semester not to exceed $4,500.00. If the student is entitled to a federal Stafford Loan, (either subsidized or unsubsidized) the student will be required to pursue that loan first at the level of eligibility established in the Stafford Loan Policy. Other loans received at SVCC will be subtracted from the student's maximum eligibility ($4,500.00) and that amount will be the maximum amount that SVCC will certify for Alternative Loan amount requests.
Other Alternative Loans include: School Certified:
Wells Fargo Collegiate Loan -- Wells Fargo
Sallie Mae Smart Option Student Loan
National Education Smart Option Loan
Chase Select Loan
(The loans listed above require school certification)
Common Alternative Loans include: Non-school certified
Education Connection Loan -- Wells Fargo
(The loans listed above do not require school certification)
The student may request any amount they deem necessary to attend college with the non-school certified Alternative Loans. Please be advised that SVCC will not be any part of the decision process in determining your eligibility and loan amounts for the non-school certified Alternative Loan. As a general rule these types of loans have higher interest rates and are based on credit worthiness.
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:
Attending an Alternative Loan approved school
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.
The Lender site shown on the next page is a list of the lenders that are routinely used at SVCC. The lenders site is provided for your convenience and SVCC is by no means requiring you to use one of these lenders.