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Alternative loans are programs which have been created by lenders for students who do not qualify for financial aid or who have exhausted all other financial aid options. These loans are not regulated by Federal or State rules. Fees, interest rates, and repayment terms vary widely.
We STRONGLY ADVISE students to make sure they have exhausted all financial aid resources (i.e.: grants, work study, and Stafford, PLUS or SELF loans) before considering an Alternative Loan.
If you have made the choice to borrow an alternative loan, we recommend
you research each loan option available to you and compare program features
carefully before making your final decision. In the past year, many lenders
have suspended their participation in alternative loan programs. Therefore,
it is important that you speak with potential lenders to ensure that you
have the most current information regarding their alternative loan program(s).
When applying for an alternative loan, please keep in mind that RCTC does
not participate in any alternative loan programs which require school certification.
Please check with your lender to ensure that the loan you are applying for
does not require a school certification.
NOTE: RCTC does not endorse or encourage participation in any one particular alternative loan program. Any unsolicited Alternative Loan Funds which arrive at the RCTC Business Office will be returned to the lender.
Contact Information:
Rochester Community and Technical College
851 30th Ave SE, Rochester, MN 55904-4999
Contact Info: (507) 285-7210 or 1-800-247-1296 / TTY Relay 1-800-627-3529
RCTC is a University Center Rochester partner and a member of the MnSCU system.
© 2007 Rochester Community and Technical College, All rights reserved.
RCTC is an affirmative action, equal opportunity educator and employer.
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