Alternative Loans are educational loans that help students who may be in need of further financial assistance for educational costs. Alternative Loans are available through private lenders and institutions. Many of these loans can be deferred. Students should pay special consideration to fees and interest rates when exploring various loan products. The Alternative Loan is credit based and will require credit approval. All students who have been approved to receive a loan of this nature will have the information sent to LHU electronically. One of the Financial Aid Counselors will review the information within two weeks and certify the loan, basically approving the loan information for the lender. Once the loan is certified the lender of the loan will continue to process the loan and send the funds to LHU’s business office. The Student Accounts office will see that the funds are applied to the student’s account and if overpaid, process a financial aid refund accordingly. Because of all of the steps required in this process, please allow 4-6 weeks for processing.
For more information regarding Alternative Loans, please refer to the Alternative Educational Loan Document.