About Solutions Alternative Loans

Solutions Alternative Loan

Solutions Alternative Loan is an affordable private loan program with convenient repayment options. Proceeds can be used to cover the current or the prior year tuition balance and other education related expenses. Full-time and part-time students may borrow up to the cost of attendance less other financial aid. Solutions Alternative Loan borrowers also enjoy flexible repayment options including interest only payments or deferred payments until after graduation.

Borrow up to the cost of attendance less other financial aid. Available to students attending part-time to full-time. Cover prior year tuition balances. Available to cover pre-requisite or required course work. Make interest only payments or defer payments until after graduation. Co-borrower release provision is available during repayment.

 

Susie Mae Solutions Alternative Loan benefits effective for loans made on or after April 1, 2008 Receive a 0.25% interest rate reduction during repayment by making your payments through automatic debit.

Susie Mae Solutions Alternative Loan terms and conditions.

Note:  Although alternative loans can provide a private funding option to help cover education expenses, it is important to first review and understand federal student loan borrowing options. It is also important to understand the steps that can be taken to help minimize total indebtedness and maximize successful student loan repayment.

Eligibility and Credit Criteria

Applicants must be a U.S. citizen/national or eligible non-citizen at least 18 years of age. Applicants must have prior credit history and be credit worthy. Applicants with a limited or adverse credit history are encouraged to obtain a co-borrower prior to submitting the application.

Loan Limits

Applicants may borrow up to the cost of attendance less other financial aid, as certified by the applicant's financial aid office. A $20,000 maximum annual loan limit may apply.
Minimum Loan Amount (Annual) - $2,500.00
Maximum Loan Amount (Aggregate) - $100,000

Repayment

For part-time students, repayment begins within 60 days of disbursement. For students who are at least half-time, repayment begins 6 months after the student graduates or drops below half-time status. Interest is billed quarterly during the in-school and grace periods or can be capitalized each year.

Repayment Term

Borrowers can repay the loan completely at any time without any prepayment penalties. The repayment term is as follows:

Up to $7,500................................................10 years
$7,500 or more, but less than $10,000............12 years
$10,000 or more, but less than $20,000..........15 years
$20,000 or more, but less than $40,000...........20 years
$40,000 or more, but less than $60,000...........25 years
$60,000 or more............................................30 years

Interest Rate and Fees

The interest rate is variable and based on the Prime Rate.  You may qualify for an interest rate as low as Prime for effectively managing your credit or obtaining a credit-worthy co-borrower.  A reserve fee is assessed based on the credit-worthiness of the borrower or co-borrower.

 

Download a Solutions Alternative Loan Application
Download a Solutions Alternative Loan Application (interactive)
Request a Solutions Alternative Loan Application
Download a Solutions Alternative Loan Brochure
Apply Online for a Solutions Alternative Loan