Alternative Loans
Alternative loans are private loans you borrow from lending institutions – not from Grand Rapids Community College. These loans may help fill the gap between the financial aid offered you by GRCC and other sources, and the cost of your education. You have the right to select any lender you wish for an alternative loan. Many lenders require positive credit histories and have other eligibility criteria. Not all lenders offer alternative loans to community college students. You may search the lender internet sites of your choice to determine if they participate. GRCC does not recommend any lenders and does not receive payment or services from lenders when students choose to borrow from them.
Before obtaining an alternative loan, remember that it:
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Does not allow the tuition to be charged against it - the student must still pay their tuition on the due date.
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Is not backed by the Federal Government.
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May require that a borrower be creditworthy or have a creditworthy co-signer.
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May require U.S. citizenship or permanent resident status.
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Have varying borrowing limits, origination fees, interest rates, repayment terms, and restrictions.
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Traditionally have higher interest rates and less flexible repayment terms.
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Interest rate cap for variable rate loans may vary by lender.
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Updated on 06-MAR-09
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