There are times when Federal Aid is not enough to cover the cost of tuition, housing, books and other essentials to complete your education. In those cases, alternative borrowing could fill the need. Alternative loans are non-federal loans used to supplement financial aid for credit worthy students and their families. Most students are required to secure a credit worthy co-borrower to secure the loan at the best interest rate.

Lawrence Tech recommends that a student complete the FAFSA first; consider the Federal Direct Loan and/or Federal Direct PLUS loan offered which may have more attractive borrower benefits than most alternative loans.

Parents of dependent students and graduate students may want to consider the Federal Direct PLUS Loan which also might have a lower interest rate and more attractive borrower benefits than most alternative loans. In the event the PLUS (for dependent students only) is denied for credit reasons, the student would have the option to apply for an additional Federal Direct Unsubsidized loan as replacement. We recommend exhausting federal student loan options prior to seeking an alternative loan.


How Much Can a Student Borrow?

There are limits to what a student can request in alternative loan funding. The Office of Financial Aid will determine the maximum amount you can borrow based on your cost and Federal/State aid accepted.


Can LTU Recommend an Alternative Lender?

To determine which lenders and alternative student loan options to present, Lawrence Technological University uses strict criteria based on your interests and not those of our institution. We recognize only those lenders who provide you with exceptional customer service; excellent incentives, timely processing, and electronic funds transfer capabilities when possible. However, you are free to select any lender you choose, including those not presented on our lender list. Get more information  on our lender selection process and also view and compare alternative loan options. 

The Office of Financial Aid encourages students and parents to research additional options to find the most beneficial loan program to fit their need. Many lending institutions offer alternative lending and each loan program's terms and conditions for applying and repayment vary. Be sure to do your research carefully when selecting to borrow from any alternative loan program.

After Selecting a Lender What Do I Need to Do?

In addition to completing the loan application you are required to obtain a copy of the Self-Certification form from the private educational loan lender and submit it to the lender.  


Helpful Links



FASTChoice helps you request the alternative loan you determine is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders.

At Studentaid.Gov you can request a PLUS loan or find more detailed information concerning the Federal PLUS Loan program.