Alternative loans are non-federal educational loans available from a variety of national lending institutions. Minimum and maximum loan amounts vary for these loan programs, and all require a satisfactory credit history. Alternative loans (sometimes referred to as private loans) are not the same as Federal Direct Stafford Loans. The Office of Student Financial Aid encourages students to consider borrowing federal loans before proceeding with an alternative loan.
How do I choose a lender?The alternative loan lender list provides an alphabetical list of all lenders that Marquette students have used over the past five years. This list is in no way exclusive or exhaustive of all existing lenders, and students are not required to select from this list. The Office of Student Financial Aid will honor requests to certify other alternative educational loans that do not appear on the list. Some of the questions borrowers should consider when comparing lenders include:
How do I qualify for an Alternative Loan?Each lending institution requires a borrower to meet certain criteria to qualify for a loan. These criteria can include, but are not limited to: meeting Satisfactory Academic Progress, enrolled in a degree program, enrolled a minimum of half-time status, and having a co-signer. Students who pursue an alternative loan are strongly encouraged to have a co-signer, as most lenders may offer better rates with an approved co-signer. Most alternative loan applications will also require a credit check for the borrower and/or the co-signer.
Make sure to also complete and submit your Self-Certification form to your lender. Your lender may send the Self-Certification to you or you may download it. This certification must be received by your lender before your loan can be disbursed. (See instructions for filling out the self-certification form.)
What happens after I am approved?After a lending institution approves a loan, Marquette will receive a certification request. Fall loans are first certified beginning in June and then on a rolling basis. Once the lender receives your self-certification and the completed school certification, the lending institution will finalize the loan process and send the funds to the school. Most lenders send funds electronically, while some may send a paper check. Please allow at least two weeks to receive funds. Funds will disburse to the borrower’s account no earlier than 10 days prior to the start of classes for the term.
You will be notified via your eMarq account if there is an issue certifying your alternative loan, and will receive an updated Financial Aid Notification (FAN) when an alternative loan has been certified. Please review eMarq frequently.
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The Office of Student Financial Aid provides undergraduate and graduate students with resources about types of financial aid and student employment.
FAFSA School Code: 003863
Questions or for more information, contact the Office of Student Financial Aid