Spokane Falls Community College encourages students to apply for grant, Workstudy, and Federal Direct Loan
assistance prior to alternative loans because the rates and repayment options are normally better. Although
alternative/private loans can provide an additional source of funding for students, they can have much higher
interest rates than Direct Loans. Please carefully consider exhausting all Federal loan options before borrowing
an alternative/private loan. Be sure to compare your options before applying, as you will be working with that
lender for the duration of the loan. Contact your lender for more information.
Important information to consider before making an application for an Alternative Loan:
All students must complete a Free Application for Federal Student Aid (FAFSA). You may apply online at
The maximum amount you can borrow will be determined by the Financial Aid department, in accordance with
federal and state regulations. Your costs will be determined by adding up your college related expenses
(tuition, fees, cost of living, books, etc.) then subtracting any financial aid (grants, scholarships,
veteran’s benefits, federal and state Workstudy, agency funds, Direct loan funds, and any other assistance
not previously mentioned) you have to help pay for college. The difference is the amount you can borrow in an
Alternative/private loans are considered a resource for your education, and therefore cannot exceed your
cost of attendance.
The borrower/student chooses the lender for this type of loan, and alternative/private loans are not
guaranteed funds. Going through a lender who sends the money directly to the student is best.
- A co-signer is often required, and borrower and/or co-signer credit checks may be required.
- Loan periods should match our regular academic terms of enrollment (summer, fall, winter, and spring).
- Contact your lender directly for all status updates and information regarding your alternative/private loans.
Borrowing maximums and minimums, interest rates, and fees vary with each lender and change
often. Your credit rating, academic level, employment status, and status of co-signer can affect
these as well.
Research all applicable fees, as some lenders do not have up-front fees, but add fees once the loan is
disbursed or goes into repayment.
Understand the terms of your alternative/private loan, how the interest rate is calculated, repayment
timelines, and deferment options prior to taking out an alternative/private loan.
Spokane Falls Community College does not recommend lenders or use preferred lender lists. Choose your
lender and complete their application process.
SFCC Title IV Code of Conduct
The financial aid office at SFCC will process loans in a timely manner. SFCC will not refuse to certify or
delay certification based on choice of lender.
The financial aid office does not contract with any lender and does not receive any staffing assistance
Students are advised to borrow loans through the federal student loan programs. Private loans will not be
packaged or offered from any specific lender.
Employees in the financial aid office are prohibited from receiving gifts from lenders, guaranty agencies or
Spokane Falls Community College does not have revenue sharing arrangements with any lender. Advisory boards
will not receive compensation from any lender. SFCC prohibits the offer of funds for private loans.