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Alternative Loans

Alternative Loans are loans not guaranteed by the Federal government. These loans are offered by private lenders and are somewhat more expensive than the Federal Direct Loan programs. You should always apply for federal student loans before using private lenders. The amount borrowed cannot exceed the cost of education, minus other financial aid.

All private loan programs will do a credit check. Some students may need a creditworthy co-signer such as a parent or other relative in order to obtain one of these loans. Terms and conditions applicable to these loans vary greatly. Factors such as interest rate, APR, length of repayment, loan minimum and maximum, and fees should be carefully considered when researching and choosing an alternative loan.

Visit www.elmselect.com to view the preferred list of lenders at SCC. We recommend these lenders based on the quality of products and services they provide to students and families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, if you wish to use another lender that is not on this list, you have the right to do so.

The information provided here is for comparison purposes only and is based on an amount of $6,500 borrowed with principal and interest deferred. Simple calculations are utilized assuming immediate repayment and do not take into account the additional attributes a lender will utilize to calculate actual terms. Visit www.elmselect.com for more information.


PNC Solution Loan for Undergraduates (Fixed)

Total Cost

As low as $10,019.10

As high as $14,795.64


As low as $55.66

As high as $82.20


As low as 6.23%

As high as 12.99%

Term - 180 months


StuFund Smart Option Loan by Sallie Mae Fixed

Total Cost

As low as $9,709.53

As high as $13,929.26


As low as $53.94

As high as $77.38


As low as 5.74%

As high as 11.85%

Term - 180 months


New Jersey College Loan to Assist State Students (NJCLASS)

Total Cost

As low as $12,019.78

As high as $14,429.37


As low as $50.08

As high as $60.12


As low as 6.92%

As high as 9.39%

Term - 240 months