Private alternative loans
Alternative loans are private educational loans offered by
banks and education lenders to fund education expenses. These loans are
designed to help fill the gap between the financial assistance offered at
NAU and the total cost of attending school. These loans are not need based
and are not awarded directly by Northern Arizona University. The funds
are applied first to the student's outstanding balance and any remaining funds
are disbursed directly to the student.
The actual amount a student or cosigner can borrow varies
according to each student’s individual financial circumstances. Other variables
include the institutional cost of attendance, financial aid resources and loan
limits imposed by the lender. At no time shall the combination of your
alternative loan amount and financial aid exceed NAU’s cost of attendance.
Most alternative loan programs require that your school certify the amount you
Finaid.org offers a comprehensive overview of private education loan programs:
Private Education Loan Applicant Self-Certification Form