Financial Aid Office

Alternative Loans

Alternative loans provide additional monetary assistance to students who have been awarded their maximum eligibility in aid but require additional funding. Some students will automatically be offered an Alternative loan on their Financial Aid Notification or the loans can be requested through some of the following web sites or at the Financial Aid Office.

The Lake Superior State University Financial Aid Office recommends the alternative loan lenders shown below.  In the spring of 2008, several lenders were asked to respond to a Request for Information and submit detailed information for our evaluation.  The details are summarized on the attached chart for your review.              

Preferred Alternative Loan Lenders:

• WELLS FARGO
• SALLIE MAE - Signature (Signature Loans are currently available only to those students with the Education Funding Pledge through Sallie Mae.)
• SALLIE MAE - Smart Option (Effective May 1, 2009)
• CHASE
• DISCOVER

Sallie Mae has recently increased their credit standard. Apply with a creditworthy cosigner who has a strong credit score.

For a helpful comparison of these and other alternative lenders, go to Certified Simple Tuition for more information.

Students are free to select the lender of their choice for alternative loans, up to the amount shown on their Official Award Letter, and must disclose all loans taken for educational purposes to the Financial Aid Office.

Loan Processing Deadlines

Due to the processing time, loan requests can not be honored during the last two weeks of the semester. Please submit any requests for alternative or direct loans to the LSSU Financial Aid Office before the last two weeks of the semester.