dominican logo top
 

Contact Us

Tuition and Financial Aid

50 Acacia Avenue 

San Rafael, CA 94901-2298

P: 415.257.1350

F: 415.485.3294

E: finaid@dominican.edu

 

Hours

Monday through Thursday:

9:00 a.m. to 6:00 p.m.

Fridays:

10:00 a.m. to 5:00 p.m.

 

Quick Links

Forms

Estimators

Resources

SALT_web_banner_550X160_static_DOMINICAN.jpg

You are here: Home / Admissions / Tuition and Financial Aid / Loans / Private Alternative Loans

Private Alternative Loans

Private Alternative Loans are another option for the students who need additional resources to attend college. Most private loans are credit-based and may require a co-signer. The interest rate can be variable or fixed and may be higher than the interest rate of a Federal Direct Loan. The maximum amount a student can borrow, in most cases, cannot exceed the Cost of Attendance minus other financial aid.

Based on a thorough review of borrower benefits, customer service and other factors, the Office of Financial Aid has compiled a list Preferred Lenders for Private Alternative Loans. You are not required to select any of these Lenders or Products; this list is meant to be a place for you to begin your research on the options available to you. Before borrowing a Private Alternative Loan, we strongly recommend that you maximize your Federal Direct Loan eligibility.

To research the Private Alternative Loan Preferred Lenders and their Products, please click here.

 

Understanding Loan Periods:

When applying for a private loan you may be asked to provide your lender with a loan period. Some lenders may have a default loan period for a academic year; however, here is how Dominican breaks down a loan period:

Term Specific

Summer 2013 Only: 5/28/2013 to 8/2/2013

Fall 2013 Only: 8/26/2013 to 12/13/2013

Spring 2014 Only: 1/21/2014 to 5/14/2014

Summer 2014 Only: 5/27/2014 to 8/1/2014

Year Specific

Summer 2013 to Spring 2014: 5/28/2013 to 5/14/2014

Fall 2013 to Spring 2014: 8/26/2013 to 5/14/2014

Fall 2013 to Summer 2014: 8/26/2013 to 8/1/2014

 

Interest Rate Options

 

Variable interest rates

  • The initial interest rate is usually lower than fixed rates
  • The interest rate decreases or increases frequently over the life of the loan
  • The monthly payment will increase or decrease over the life of the loan

Fixed interest rates

  • The interest rate stays the same over the life of the loan
  • The consistent nature of the loan helps you to determine how much interest you will pay over the life of the loan
  • The monthly payment will stay the same over the life of the loan

 

Key Notes to Remember:

When you borrow a private loan, you have the right to cancel your loan before it disburses as well as after your loan disburses. It is important to work with the Office of Financial Aid as well as your lender to ensure this process is completely efficiently and accurately. Interest rates and fees typically begin accruing after the first disbursement. You may be responsible to pay interest/fees after a loan has disbursed, even though you have returned funds. Again, each lender has their own terms and conditions, so it is important to know the return/cancel deadlines to avoid repayment of accrued fees.

As a borrower, you can also cancel or decrease present or future disbursements. For example, if you attend the Fall term and know you will not be returning for the Spring term, make sure to contact  our office and your lender to cancel your Spring disbursement. If you know you will be half-time or have changed your mind as to how much you would like to borrow, please contact the Office of Financial Aid and your lender.

Remember you are the responsible party signed to a private loan and have rights and responsibilities.

 

Selection Process for Preferred Private Lenders:

Private loan borrowers may choose any lender that participates in school certified loans. The Dominican Office of Financial Aid encourages you to compare the benefits offered by different lenders so that you can make an informed choice.

In deciding who is included on the Preferred Lender list above, we have considered several factors:

Customer Service- Our preferred lenders have provided consistently excellent service to our borrowers for many years.  These lenders have agreed to work within Dominican's processing structure and can insure a prompt turnaround time.

Borrower Benefits- Our preferred lenders offer competitive benefits from varied interest rates to special loan option programs.

Student Demand- If a significant number of Dominican students request a lender that is not on our list, we will evaluate that lender for future inclusion.  If we notice that a lender is no longer popular with our borrowers, we may consider removing them from the list. 

Our preferred lender list is reviewed once a year.  The Dominican Office of Financial Aid does not and will not accept inducements for lenders in exchange for inclusion on the preferred lender list.

Dominican does not share in the profits from the student loans.  Borrowers are welcome to choose any participating lender, regardless of whether it appears on our preferred lender list. 


Common Sites & Pages


Students

Faculty & Staff

Alumni/Parents