KSU Student Financial Aid: Alternative Loans

Alternative Loans

Financing a college education is a concern for many families. Most financial aid packages will include student loans; however, federally subsidized and unsubsidized loans may not cover the total cost of college expenses. Consequently, families are faced with the challenge of meeting the cost of their expenses.

Alternative loans are private loans that provide students with additional funding for unmet college expenses. Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds before applying for alternative loans. Alternative loans are not federally guaranteed and require a good credit rating and/or credit worthy co-signer. The annual amount cannot exceed the cost of attendance minus other financial aid.

We believe that borrowing an alternative loan is a decision that should be made with careful consideration. That is why Kent State has entered a partnership agreement with Citibank and Key Bank for easy on-line applications processing for alternative loans. Kent State students who apply via Citibank and Key Bank will benefit from competitive rates, electronic funds transfer, no penalties for canceling or reducing loans, and an array of repayment options. Most important, these lenders have no origination fees and no penalties for canceling or reducing loan amounts.

Alternative loans processed via Citibank and Key Bank will be electronically transmitted to the lending institution and the Electronic Funds Transfer (EFT) will be transmitted to the Bursar’s Office. If the funds cause a credit on the student account, the Bursar’s Office will send a refund check or electronic deposit. Click here to review the Bursar’s refund policy.

Students applying at Key Bank must be enrolled at least half-time (6 credit hours for undergraduate or 4 hours for graduate students) for the Key Alternative Loan and at least one credit hour for the KeyBank EdAchiever Loan. Students applying at Citibank must be enrolled at least one credit hour for the CitiAssist Loan. The process for applying for alternative loans with Citibank or Key Bank is fast and easy. Applicants can apply on line for real-time credit decisions. For more information on Citibank CitiAssist Loan, Key Bank Key Alternative Loan or KeyBank EdAchiever Loan, visit the web sites listed below.

Alternative Loan Lenders
Citibank CitiAssist Loan 1-800-745-5473 www.citiassist.com	Key Bank Alternative Loan 1-800-KEY-LEND www.key.com/kent

Kent Opportunity Loan
If a Kent campus student has been denied the Key Bank Alternative Loan, The Student Financial Aid Office can determine if the Kent Opportunity Loan Program/Key Bank is a possible option for the student. In order to be considered for the Kent Opportunity Loan, the student must file the appropriate year Free Application for Federal Student Aid (FAFSA), be enrolled as a full time student during the loan period, completed at least 24 credit hours at Kent campus, enrolled at least two previous semesters as a full time student, have a cumulative Kent State grade point average of 2.5 and exhausted all federal aid options. Ohio residents will be eligible to borrow a maximum of $850 per term. Non Ohio residents will be eligible to borrow $1,600 per term. For more information contact the Student Financial Aid Office.