Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows students to borrow in its programs. Private loans are offered by private lenders and are outside the regular financial aid application cycle via the FAFSA. These loans are not guaranteed, and are subject to credit considerations and may require a co-signer.
Great Falls College MSU recommends that if you need to borrow money to help pay for school, take out federal student loans from FAFSA first. Only take out alternative education loans after exhausting all your FAFSA eligibility. Students at Great Falls College MSU typically can meet their education expense needs with federal student loans and rarely require private loan funds. As a two-year institution, private loan servicers are limited. It is best to get as much information as possible before you consider a private/alternative loan. Please review the resources below.
- Private Student Loans and at https://studentaid.ed.gov/sa/types/loans/federal-vs-private
- Private Student Loan Consolidation
- Search Private Education Loans via the Web search for more information
- Contact your local lenders and Credit Unions as well
- If the borrower decides to pursue a private/alternative loan, they will apply with the lender directly, and GFCMSU financial aid office will certify the request up to the unmet cost of attendance.
- Please note: private/alternative loans cannot, in general, be consolidated with federal student loans. The low interest rates on federal consolidation loans are not available to private education loans.
If at any time you need assistance, you may also contact the Financial Aid Office at Great Falls College MSU at 406-771-4344.