Alternative Loan Information
Jackson State Community College DOES NOT participate in the Federal Stafford Loan program or the Parents’ Loan for Undergraduate Students (PLUS) program. However, JSCC does work with lenders that offer alternative educational loans to eligible students. The information included herein is minimal, so please contact the lender for additional information and for an application or Promissory Note .
Title IV Loan Code of Conduct
IMPORTANT !!!!! All students are encouraged to complete a Free Application for Federal Student Aid (FAFSA) to determine if he/she may be eligible for federal or state grants or loans, which are much more favorable than private loans.
· There are several lenders that process alternative student loans.
· You are not required to use a certain lender.
· You may use the lender of your choice.
· Be sure that the lender you choose is aware that you are applying for an ALTERNATIVE loan.
. Below is a list of lenders from whom our students have borrowed from in the last year. You are
free to choose any lender who provides an Alternative Loan, even if they are not listed below.
WELLS FARGO - 1-800-658-3567
SALLIE MAE - 1-888-272-4665
· Tell the lender that you’re applying for an ALTERNATIVE LOAN
· Alternative loans are credit-based loans:
o The lender will submit your information and receive a credit report
o If your credit is good, the lender will send you a loan application
o If your credit is not good, the lender may deny the loan request
Your lender may ask you to supply a Private Education Loan Self-Certification Form
o The lender may ask for other documentation (pay stubs, employment history, etc)
· Alternative loan checks are written to the school and the borrower.
o The Business Office will ask you to provide two forms of identification, then they will ask
you to endorse the check so that it can be put on your student account.
· The Business Office will use this loan check for the payment of any balance on your student
account. If you do not owe a balance on your student account, the Business Office will give
you a check for the amount of the loan. This may take 5-7 days.
· Your loan amount may be adjusted by the JSCC Financial Aid Services Office
· Loans will not be processed for more than one academic year at a time
· Alternative loans take approximately three weeks to process