Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.
Alternative education loans (also known as private loans) are an option for financing your education. Federal, state and university policy recommends that student borrowers maximize federal loans before the alternative/private loan request is processed. Complete a Free Application for Federal Student Aid (FAFSA) or California Dream Act Application (CADAA) in order to determine student loan eligibility.
- Alternative loan eligibility requirements vary from lender to lender
- Alternative loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions
- Students may also be required to meet citizenship requirements or provide a co-signer who meets citizenship requirements
- The interest rate on a private loan may depend on the borrower’s and/or co-signer’s credit rating
- Other eligibility requirements may apply depending on the lender
- Review the interest rate and processing fees prior to borrowing
UC Davis is not involved in the alternative loan credit decision. All credit decision questions should be directed to the loan lender. Financial aid eligibility applies to all certifications of loan amounts.