Alternative Loans
Alternative and private loans are loans applied for by students and/or parents which are designed to supplement or replace federal student aid. Listed below are several student loan programs. These are the most popular selections made by our students. You are by no means limited to this list when choosing a lender.
In addition to the private or alternative loans, some of these companies may offer Federal Stafford Loans through the Federal Family Education Loan (FFEL) Program. The FFEL Program is equivalent to the Federal Direct Loan Program that we participate in; therefore, Michigan Tech students and parents are not eligible for the FFEL Stafford Loans. Visit their Web sites to determine the loan program that would best suit your needs.
Before borrowing an alternative loan, be aware that these loan programs:
- are not backed by the federal government.
- may require that a borrower be credit worthy or have a credit worthy co-signer.
- have varying borrowing limits, origination fees, interest rates, repayment terms and restrictions.
- usually have higher interest rates and more stringent repayment terms than Federal Direct Loans.
- may not have a cap on a variable interest rate.
| Loan Company Loan Program |
Phone Number | Making Satisfactory Progress |
Must Be Half Time | Must be degree seeking |
| Bank of America* Private Loans |
800-344-8382 |  |
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| Campus Door Alternative Loan |
800-786-0002 | |
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| Chase Campus One Loan |
800-487-4404 | |
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| CitiBank* CitiAssist |
800-745-5473 | |
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| Key Bank Key Alternative |
800-539-5363 | |
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| Key Bank Career Loan |
800-539-5363 | |||
| Nellie Mae Student Excel |
800-634-9308 | |
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| Nelnet Academic Private Loan |
866-866-7372 | |
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| Sallie Mae* Signature Loan |
800-695-3317 | |
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| TERI Loan* various options |
800-255-8374 | |
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| Wells Fargo Collegiate |
800-658-3567 | |
*International students are eligible to apply for these loans.
