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Financial Aid

Alternative Loan Information

An alternative student loan (also referred to as a private student loan) is not a federal student loan, but one through a private bank or other lending institution. Generally, alternative loans have interest rates, repayment terms and deferment options that are substantially less favorable than those of the Direct Stafford, Perkins, Parent PLUS and Graduate/Professional PLUS Loan programs. We encourage all students and parents to first consider and apply for federal student loans before applying for private loans.

Selecting a private/alternative education loan can be a daunting task. The links below will provide information to help you make an informed decision. In addition to being informative, these links are the lenders who offer alternative/private student loans. We suggest you research the loans and the lender to find the best interest rate and terms of your loan. While you may choose any lender, our goal is to do the research for you, simplify the process, and propose lenders with the best products, technology and benefits available. Choice of lender is never denied, nor is the processing of a loan from a lender outside of our lender list delayed.

The information contained on these links is accurate as of the date it was collected. Because these loans are private loans, lenders can change the terms and conditions of these loans without notifying Claflin University. We suggest, therefore, that you verify this information with any lender on this site prior to applying for a loan with that company. We strongly encourage you to review each of the lender’s information to determine which benefits and terms are best for you. Take into consideration repayment terms, interest rates and deferment options before choosing an alternative loan. Some lenders may require a co-signer for credit reasons.

Please be aware that when viewing the alternative lender web pages below that you will be leaving the Claflin website. If you have questions, please contact the Office of Financial Aid at (803) 535-5334.

Private/Alternative Loan Lenders for Additional Loan Funding

 

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