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.

AnchorBank offers a school-certified alternative loan through Campus Door. The interest rate and origination fee of this loan will be based on credit score. The Anchor Alternative from Campus Door offers a 12-month grace period for borrowers. There is never a pre-payment penalty.

For general questions regarding the loan call the AnchorBank Student Loan Hotline at 1-800-236-8769. For questions regarding the application, such as declined application, problems with completing the application, and funds disbursement, call Campus Door at 1-800-786-0002.

Click here to go to the application process. Once the application is completed, the borrower will be informed if they are approved and the rate of the loan and if there are any origination fees associated with the loan.