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Alternative Loans

If you find that you need funding beyond the limits of the Federal Direct Student Loan Program, you may wish to consider the Alternative Loan Program. These loans are not guaranteed by the federal government and are considered private loans. We urge all students and parents to research any lender they are considering for this type of funding and to specifically ask about the interest rates, whether or not the loan may be sold to another provider with the same repayment provisions as the original loan, etc. Long Island University does not recommend any particular alternative loan lender. Alternative loan funding should be considered only after exhausting eligibility for Federal Direct Student Loans.

Most of the processes involved with securing alternative loans are electronic for application filing, institutional certification, and approval information. Generally, electronic processing requires at least 72 hours before a lender will respond. This Office will help you in this process and must determine for you the maximum loan amount you will be allowed to borrow without interrupting your eligibility for your other financial aid awards. The complete process can take anywhere from 7 to 10 business days.