Many banks, credit unions, and other financial institutions offer private (non-federal) student loans, sometimes called alternative loans. Private loan programs may offer interest rates and terms that are competitive with those of federal loans. However, as you consider your borrowing options, you should keep in mind that federal student loans are required by law to provide a range of flexible repayment options, including income-based repayment plans, and loan forgiveness benefits, which private loans are not required to provide. Also, federal direct loans are available to students regardless of income.

Requirements

Available to credit-worthy students; no FAFSA is required. Eligibility for private loans varies among lenders, but a credit check and/or debt-to-income ratio is usually required. A co-borrower may also be required. You must apply for this type of loan separately.

NOTE: Lenders are in alphabetical order, Virginia Tech does not endorse a particular lender.

1st Ed Credit Union

Abbey Credit Union

ABNB Federal Credit Union

A Plus Federal Credit Union

Affinity Federal Credit Union

 

Alliant Credit Union

Ameri Credit Union

Anheuser-Busch Employees' Credit Union

Apple Federal Credit Union

Associated Credit Union

Baxter Credit Union

BayPort Credit Union

Bank-Fund Staff Federal Credit Union

Chartway Federal Credit Union

Connecticut Higher Education Supplemental Loan Authority

Citizens Bank

Clearview Federal Credit Union

CollegeAve Student Loans

Commerce Bank

Corry Federal Credit Union

DEXSTA Federal Credit Union

Digital Federal Credit Union

Discovery Federal Credit Union

Discover Student Loans

DuPontComm Credit Union

Elements Federal Credit Union

Empower Federal Credit Union

ErieComm Credit Union

Fifth Third Bank

First Capital Federal Credit Union

GeorgiaOwn Credit Union

Gesa Credit Union

GTE Federal Credit Union

Kemba Financial Credit Union

Langley Federal Credit Union

Members 1st Credit Union

MPOWER Financing

Michigan State University Federal Credit Union

NASA Federal Credit Union

NJCLASS

Northwest Federal Credit Union

Nymeo Federal Credit Union

PNC Bank

Regions Bank

Rhode Island Student Loan Authority

Safe Credit Union

Sallie Mae Bank

State Employee Credit Union of Maryland

Shell Federal Credit Union

Star One Credit Union

SunTrust Bank

Transport Federal Credit Union

Union Federal

Unitus Community Credit Union

University of Kentucky Federal Credit Union

US Alliance Federal Credit Union

Vermont Student Assistance Corporation

Wells Fargo

Wright-Patt Credit Union

Waterby CT Teacher Federal Credit Union