Alternative (Private) Educational loans help bridge the gap between the actual cost of your education minus any Federal Assistance. Alternative loans are credit-based consumer loans that can be used for any educational related purpose. Most loans require that applicant have established credit history to be approved. You can increase your chances of approval with a credit worthy co-signer. Alternative (Private) education loans tend to cost more than the education loans offered by the federal government, but are less expensive than credit card debt. The federal education loans offer fixed interest rates that are lower than the variable rates offered by most private student loans. Federal education loans also offer better repayment and forgiveness options. Since federal education loans are less expensive than and offer better terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans.
Please review the for a ELM Resources comparison chart to determine which loan product best serves your needs. Once you decide on a bank that offers the type of loan in which you are interested in, contact them directly. If you have any questions about the University of Houston application process, feel free to contact the Office of Scholarships and Financial Aid.
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