Alternative Education Loans
Some families turn to Alternative Education Loans, also known as Private Education Loans, when
federal, state and institutional financial aid is not enough to cover the cost of education.
Alternative education loans cost more than the education loans offered by the federal government,
but are less expensive than credit card debt. These loans typically have variable interest rates and
eligibility often depends on the applicant’s credit score. Current economic conditions have
resulted in some lenders refusing to offer alternative education loans to students enrolled in twoyear colleges.
CFCC students should investigate all other funding resources before resorting to an alternative loan.
If borrowing this type of loan is unavoidable, please adhere to the following application procedure:
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Complete and submit a valid FAFSA to the CFCC Financial Aid Office.
Apply for the Federal Direct Student Loan.
Visit https://www.elmselect.com/oll/SchoolLenderList/?schoolId=8564 and complete the
online application.
When notified by the lender that the application has been approved, contact Rachel
Cavenaugh, Director of Financial Aid, 362-7317, for an appointment to certify the loan.