Alternative Private Loans

Alternative loans are loans from a lending institution; they are not a part of the federal government guaranteed loan programs. Alternative loans are typically more expensive than federal government loans and should only be used when all other options have been exhausted.

It is important for you to check with the Financial Aid staff for all federal loan programs and possibilities before you borrow from an alternative loan program. Most alternative loans require a good credit history and/or a credit worthy co-signer. An alternative loan is not based on need, but it cannot exceed the difference between the cost of attendance and all other financial aid for the academic year. If you need an alternative loan, choose the loan that best meets your needs and remember – borrow only what you need!

Items to remember when applying for an alternative loan:

  • Apply early!
  • Research alternative loans. Each lender offers different borrower benefits.
  • Title IV school code is 039574.
  • As soon as you apply for an alternative loan, contact Financial Aid staff so they can certify the application.
  • Borrow wisely! You may borrow an amount equal to the cost of attendance minus any other aid. Consider your other loan payments when determining your borrowed amount and do not overextend your ability to repay your total indebtedness.
  • The loan funds will be sent to New College. In most cases, the loan will be disbursed in at least two installments, one in the Fall semester and one in the Spring semester.

Alternative Loan Lender Choices

A wide and growing array of alternative loan products are now in the marketplace. New College of Florida processes loans for more than 10 different alternative loan lenders annually. For information about how to choose a private alternative loan lender visit

Self-Certification Form

Institutions are required to provide the Self-Certification form, and the information needed to complete the form to enrolled and admitted students upon the applicant’s request for a private education loan Self-Certification form. Many private lenders will provide the Self-Certification form to the applicant during the online loan application process. You may also download the form, complete sections 3 and 4 and submit it to financial aid staff. Financial aid staff will complete section 2 and contact you to discuss all of your borrowing options. You are responsible for returning the Self-Certification form to the lender of your choice.