Alternative Loans

Alternative loans are offered by private lending institutions and are not guaranteed by the federal government.  These funds are available to credit and non-credit students who may not be eligible for federal financial aid or who may need to bridge the gap between the actual cost of education and their federal financial aid.  The lender will use credit history and other factors to determine a student's eligibility.  Some may require that you obtain a cosigner before approving your loan.  Important news for Alternative loan borrows: Effective February 14, 2010, Alternative loan regulations have changed and will take a minimum of 30 days to process.

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Some families turn to alternative education loans when federal education loans do not provide enough money or when they need more flexible repayment options.  However, since federal education loans are less expensive and offer better terms than alternative loans. You should exhaust your eligibility for federal student loans before resorting to alternative student loans.  COCC encourages students to exhaust all other financial resources such as grants and federal student loans by applying for the Free Application for Federal Student AidScholarships are also an alternative resource before deciding to apply for alternative loans.

If you determine that an alternative loan is right for you we encourage you to research the lender that best meets your needs. Students using Sallie Mae or Wells Fargo as their lender will receive notification from COCC via their COCC email account, with disbursement instructions and will have their loan requests certified electronically.

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Students choosing other lenders will need to complete and submit to their lender, the Applicant Self-Certification form

 For more information on alternative loans visit or contact the Financial Aid Office at 541-383-7260.




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