Alternative Loans

Alternative or Private Loans

Alternative, or private educational loans, are designed to assist students and their families who are either not eligible for federal loans, or who need additional education financing. Loan approval is generally based on your credit and a co-signer may be required. Alternative loans are available to students who are enrolled and pursuing a degree, certificate or license at Louisiana Delta Community College.

Careful consideration should be made in determining the amount you would like to borrow. This is a loan that must be repaid.

Please Note: As a result of the Truth in Lending Act (TILA) of 2009, borrowers will be required to submit a Private Education Loan Applicant Self- Certification to their lender before funds can be disbursed. Your lender will provide you with this form when you apply for the Private Alternative Loan. You can also locate the Self-Certification form online at: http://www.ifap.ed.gov/dpcletters/attachments/GEN1001A-AppSelfCert.pdf

How We Choose Our Lender List

As a service to our students and parents who borrow educational loans, The Office of Financial Aid attempts to identify a list of lending institutions who we believe offer quality customer service and benefits.

As a result of our annual "request for proposals," or RFP process, whereby interested lenders submit proposals for our consideration, the main criteria we expect from lenders include the following:

• Reliable customer service (during processing and repayment)
• Competitive loan products (including fees and interest rates)
• Electronic disbursement of funds
• Allowance for borrower electronic repayment of funds
• Cost saving benefits to borrowers throughout the life of a loan

We would like to assure all educational loan borrowers the Office of Financial Aid does not receive any form of payment or benefits from lenders in exchange for listing them as a lender. Our office fully adheres to NASFAA’s Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.

There is no obligation to select a lender from our lender listing. Borrowers have the right to select a lender of their choice. Per federal and institutional guidelines, the college will process any loan from any lender.

Finally, we wish to point out that our list of lenders is not in any order of preference.

We recommend that a borrower’s lender choice be carefully chosen as to what is best for the borrower and with the intent that one will remain with the same lender throughout enrollment at LDCC.