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Alternative loans, also called private student loans, help fill the gap between the cost of attendance and traditional financial aid. Alternative loans allow for a loan to be placed in the student's name. These loans are similar to unsubsidized Stafford loans. Interest will accrue while the student is in school, but payments do not have to be made while the student is in school at least half-time. It is recommended to apply for Federal aid before borrowing with an alternative loan.
These are credit-based loans and may require a co-signer for students who do not meet lender criteria on their own. In addition, these loans can not be included in a federal consolidation loan.
Note: As of October 20, 2008, AnchorBank is no longer offering the Anchor Alternative loan from Campus Door. We will be actively seeking a new partner for this type of student loan.
If you have an application in progress and would like to check on its status, you may click here or call Campus Door directly at 1-800-786-0002.
For information on past Campus Door loans, contact American Education Services (AES) at 1-800-233-0557 or visit www.aessuccess.org.
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