Additional borrowing options
Private lenders offer alternative loans. HACC does not recommend any particular private lender. Learn more about private alternative education loans.
Students should utilize alternative loans only as a last resort. Important facts about alternative loans to keep in mind include:
- Alternative student loans are funded by private lenders (not the Federal government) and are not based on need.
- The amount borrowed cannot exceed your cost of attendance minus other financial aid.
- These loans are primarily used to supplement the federal programs when federal aid and scholarships do not meet the cost of attendance.
- Alternative loans are based on a student's credit history and often require a cosigner.
- HACC does not recommend any specific lender. You are free to use any lender you choose as long as they will work with HACC. For information on lenders that we have successfully worked with in the past, please visit www.elmslect.com.
What should I do before applying for an alternative loan?
- Determine if you really need an alternative loan. Discuss your situation with financial aid staff to determine what other options are available to you (payment plans, financial aid, employer benefits, scholarships).
- Ask lenders about: cosigners, interest rates, interest caps, additional fees, borrower repayment incentives, repayment terms, penalties for early repayment, late charges, etc.
How do I apply for a private alternative loan?
- Decide on a lender.
- Complete all necessary paperwork including a Self Certification form. The Truth in Lending Act requires this form; and it should be available on your lender's website.
- Your lender will send us notification that you have been approved.
- We certify the loan based on lender criteria and establish the dates funds should be sent to HACC.
- Your alternative loan will appear on your account at the College.
- Funds will be applied to your outstanding balance, and any excess monies will be refunded to you.