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Private/Alternative Student Loans

Alternative Student Loans

Alternative student loans are private, credit-based loans offered through private lenders (banks, for example). They are not part of the federal loan program. Alternative loans are designed to help supplement Federal loans for educational costs.

Carson-Newman does not endorse or promote any lenders who offer private alternative loans. The university does not receive an incentive (financial or otherwise) from any lender, and students are free to select their own lender. We recommend that students investigate federal loan programs before applying for a private loan as a last resort. The interest rate, repayment fees, and terms are generally more favorable with Federal Direct Loans.

If you are ineligible for federal loans or you have exhausted government sources, private loans can help offset educational expenses you may have after all other aid has been applied. If you are not enrolled at least half time, you would not be eligible for federal loans, and a private loan may be a viable funding option for you.

There are many different private loan options. It is to your benefit to research and find the loan that best meets your needs. Some loans will be more expensive than others due to varying interest rates and repayment terms. Private loans are credit-based and may require a cosigner. The lender has final approval for alternative loans, rather than Carson-Newman. The lender must send the university approval for the loan before we can certify it for a student’s account. All lenders require the completion of a Self-Certification Form, and they should provide this for you.

Note: Carson-Newman University is not responsible for the content of individual lender websites.

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