Alternative Loans are private loans designed to help students with educational expenses that exceed other available assistance. Various lenders provide different types of loans as well as broad terms and interest rates. For this reason, we advise all borrowers considering alternative loans to research the market and choose the loan program that is right for their specific circumstances. These loans are credit based and as such are not guaranteed to all borrowers. Additionally, they cannot be consolidated with Federal Student Loans and the interest rates are based on credit and lender policy.
It is equally important to note that various lenders make loans available to different types of borrowers. Some alternative loans require the student to be the borrower, though allowing co-signers if the student's credit is insufficient to qualify. Other loans allow parents or other supporting individuals to borrow loan funds on the student's behalf. It is important to understand who the borrower would be for each alternative loan considered.
Missouri State University's FASTChoice Preferred Lender List is a tool for you to compare the benefits and services of lenders that have provided alternative loans to our students in the past. Missouri State University does not endorse or promote any lenders that offer private alternative loans. A list of lenders is provided based on product, performance and customer service. Missouri State University does not have any agreements with these lenders, nor do we receive any benefits from the use of their private loans by our students. The lenders names are provided in random rotating order. If you wish to use an alternative loan lender that is not on this list, you have the right to do so.
IMPORTANT NOTE: It is the policy of the Financial Aid Office at Missouri State University that a student MUST be enrolled at least HALF-TIME in current grade level courses at Missouri State before an alternative loan will be processed for the student.
IMPORTANT NOTE: If a student is requesting alternative loan funds to pay a past-due account balance from a previous term at Missouri State University (known as a retroactive loan), the loan funds certified cannot exceed the account balance owed by the borrower for that term. No refunds are issued to borrowers when processing retroactive loans. Additionally, students must have completed a minimum of half-time current grade level courses for the term(s) in question to qualify for a retroactive loan.