Alternative Loans | BRCC, Virginia

Alternative Loan Information

An alternative loan is a student loan that may be borrowed through an outside lending institution to assist with education-related expenses such as tuition, housing, travel, and books.

While any student can apply for an alternative loan, it is important to exhaust your federal loan options first. Most students are eligible for some Federal Student Loans. However, students who are not eligible for Federal Student Loans or who need additional funding can apply for alternative loans.

Alternative loans are based on credit, so loan applications are based on the credit of the student and, if required, the cosigner.

The Financial Aid Office strongly recommends that eligible students in credit programs exhaust all federal aid options before applying for alternative loans. We also caution students to be aware that alternative loans are credit-based, often carry variable interest rates, and cannot be consolidated with federal loans.

Lender Selection and Application Tool

BRCC is pleased to offer a list of preferred lenders for review using the FastChoice lender selection and application tool.

FastChoice

Lender Inclusion

BRCC will gladly include any lender on the list who is willing to lend to community college students and is able to be represented at the VASFAA (Virginia Association of Student Financial Aid Administrators) conference.

However, BRCC is happy to use any loan from any lender, provided that they are willing to lend to a student at BRCC. Students may apply for a loan with any lender they choose.