Alternative Private Loans
The college does not participate in any federal student loan programs. The college is not able to recommend, promote, or endorse any specific loan products or lenders.
Alternative loans are loans that assist students who may be in need of further financial assistance for their educational costs. Alternative loans are available through private lenders and/or institutions. It is important to research scholarship opportunities, grants, and Work-Study programs before borrowing from a private loan program. The college recommends that students explore all other aid options before looking at private lenders. The college recommends that students borrow conservatively and only borrow what they need. The Private Education Loan Applicant Self-Certification Form will be provided upon request.
Points to Consider:
- Annual Percentage Rate (APR) - The annual percentage rate is the annual cost of the loan including the effect of any fees and charges in addition to interest. The APR is determined based on the term of the loan.
- Students should ensure that they compare like loan amounts when comparing APRs in order to receive a true comparison.
- If a rate is variable, that rate will change during the life of the loan.
- Look for a lender that has generous repayment offers and no pre-payment penalties.
- Find a lender that offers an incentive such as co-signer release and a reduced interest rate with automatic deduction of payments.
- It is a good idea to borrow from the same lender each year. Aggregate limits vary based on the cost of attendance of the higher learning institution. It is a good idea to borrow only what is necessary to cover the cost of attendance. Keep in mind that you can refuse all or borrow less than what the lender offers.
- Some lenders capitalize interest annually. If the lender capitalizes interest then it may be more expensive to repay the loan at the time of repayment. Look for loans that do not capitalize the interest.
- Look for a lender that offers an easy to use application process, whether that is web-based or print. Also, inquire about combined billing and if there is an 800 number that you can call whenever you may have questions about your loan.
Please note that in order for a private loan to be processed at Bevill State Community College students must abide by the following guidelines.
- Students are encouraged to complete a Free Application for Federal Student Aid.
- Students should decide upon a lender that best meets his/her needs.
- Financial Aid Services Central Processing Center (FASCPC) will certify private loans upon the request of the lender and the student.
- The loan amount may not exceed the Cost of Attendance.
- Students must complete a Bevill State Community College Private Loan Request Form.
- Tuition and fees must be paid before the remaining loan balance will be disbursed.
- Students who are registered and attending class will be disbursed the remaining balance of their loan within fourteen days of the credit appearing on the student’s ledger account. Students have an option to sign up for eRefund in TouchNet. Students who do not select to participate in eRefunds will be required to pick up refund checks in the business office on the Jasper Campus.
- Disbursements will continue to be made throughout the semester and will follow the same printing schedule as Pell.
Bevill State encourages Direct Deposit (eRefunds) for all students to receive their Financial Aid and Tuition refunds. eRefunds eliminate the chance of a check getting lost, misdirected, delayed during delivery, or misplaced once it is received. Refunds will be available much quicker as they are not mailed and deposit directly into the student’s bank account eliminating the need to physically visit a bank to make a deposit. There are no fees from Bevill State for using eRefunds. Students who do not select to participate in eRefunds will be required to pick up refund checks in the business office on the Jasper Campus.
