Alternative student loans are private loans not administered through UAB and/or the federal government. They can help to fill the gaps in the cost of college, but they all have their own interest rates and repayment requirements and should be approached cautiously. Our list of questions to ask alternative student lenders can help you find some of the information you’ll need.
If you decide to apply for an alternative loan, you’ll need to submit the Title IV Authorization form, so that your funds will be applied directly to your tuition, fees, and other charges on your student account. You can complete this online using your BlazerID. If you already have this form on file with the UAB Financial Aid office for your federal financial aid application, you don’t need to resubmit it.
When you contact your alternative lender, be sure to tell them you’re applying to UAB, and give them the amount and academic term for which you’d like the loan—we can’t approve loans that begin in one academic year and extend into the next. You’ll need to submit a separate loan application for each academic year. A separate application for each academic year will be required in such cases.
The amount of your alternative loan can’t exceed your cost of attendance for the loan period less financial aid, scholarships, and other funding sources applied toward your educational expenses—you can’t get an alternative loan that will leave you with extra financial aid money once all of your expenses are paid. If you’re needed to come to the office to endorse a check, UAB Financial Aid will contact you.
Alternative loans can be confusing. If you have any question about alternative loans, contact UAB Financial Aid, and they’ll help guide you through the process of applying.