ALTERNATIVE LOANS
Alternative education loans are private loan programs offered through banks for the
purpose of supplementing a student’s financial aid package. They are not federally
endorsed or guaranteed, but they must be certified by the Student Aid & Family Finance
Office to ensure that the loan does not exceed your cost of attendance budget minus all
other financial aid. Most alternative loan funds are disbursed in two installments and
applied directly to your account.
We encourage you to pursue all of your Federal Stafford Loan and Federal Parent Loan
options first and use the alternative loan as a last resort.
Alternative Loans are based on credit worthiness and in most cases require a credit
worthy co-signor. Alternative Loans interest rates, fees charged, repayment terms and
repayment benefits vary between lenders.
To apply contact a lender of your preference or check out Citibank’s CitiAssist Loan
below.
The CitiAssist Loan from Citibank offers a no fee alternative loan program at an interest rate of
Prime plus 0.25%, capped at 12%. With Prime currently at 4.00%, the interest on the CitiAssist
Loan is now 4.25%. The student borrower can select from three flexible repayment options. The
straightforward pricing, simple application process, and fast (3-minute) credit response make this
loan very competitive. There is also a co-signer release option available if a co-signer is required,
and a fifteen year repayment period. For specific details and to apply online, log onto
www.studentloan.com/schools/skidmore/ or call 1-800-745-5473 to request an application.