Alternative Loans
Numerous lenders offer other types of variable rate educational loans for creditworthy students. Alternative loans are provided without consideration of financial need. These loans are not part of the federal government loan programs - they are credit-based and may require a cosigner. Alternative loans are generally more expensive than federal student loans and should only be used when all other options have been exhausted. A complete financial aid file is required before Vernon College will certify an alternative loan application. Due to less favorable repayment options, Vernon College will not certify an alternative loan for any student that has Direct loan eligibility. Alternative loans will follow the same disbursement policies as Direct subsidized and unsubsidized loans.