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Alternative Loans

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 rate, 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 Direct or PLUS loans) before considering an Alternative Loan. At RCTC, all students applying for Alternative Loans must have a valid FAFSA on file before any alternative loan options will be certified.

We recommend you research each loan option available to you and compare program features carefully before making your final decision to borrow an alternative loan. It is important that you speak with potential lenders to ensure that you have the most current information regarding their alternative loan program(s).

You have the right to select the alternative lender of your choice. A list of lenders and loan products RCTC students have utilized in the past 3-5 years is available online. RCTC does not promote, endorse, or recommend any of these loan products or lenders by including them on the list.

If you do decide to borrow an alternative loan, you will be asked to obtain RCTC's cost of attendance information as well as your estimated financial aid awards. In addition, RCTC requires that you complete a Release of Information form which gives RCTC permission to share your personal information with your alternative loan lender. This form is available on our "Forms and Documents" page.

An alternative loan is an agreement between the borrower and cosigner and the lender. RCTC cannot in any way be held liable in the event the borrower is dissatisfied with the rates, terms, or service provided by any lender, nor is RCTC responsible for any damages incurred by the student as a result of the student's choice of lender.

NOTE: RCTC does not endorse or encourage participation in any particular alternative loan program. Any unsolicited Alternative Loan Funds that arrive at the RCTC Business Office will be returned to the lender.


Contact Information
(507) 285-7210 or 1‑800‑247‑1296
Rochester Community and Technical College
851 30th Ave SE :: Rochester, MN 55904-4999
Rochester Community and Technical College, a member of Minnesota State.
RCTC is an affirmative action, equal opportunity educator and employer.
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