A private comprehensive liberal arts college in Salt Lake City, UT, offering undergraduate and graduate degrees in liberal arts and professional programs. Website
Alternative and PLUS

Alternative and PLUS

Private Educational Loans

Private educational loans are provided by a select group of large lenders that are similar to the Federal Stafford Loans. These loans are not backed by the federal government, but are provided specifically for students financing their education. Most of these "alternative" loans typically have the following conditions:

  • no principal payment while in school
  • a variable interest rate
  • 6 month grace period following graduation
  • enrollment varies from one credit hour or more

Many students will look at these private educational loans to pay for study abroad programs, aviation costs, or to make-up the costs of any other educational needs not covered by other financial aid awards. For more information, please contact our Financial Aid Office or you're welcome to look at a list of providers for undergraduate and graduate loans. (These are pdfs: you will need the Adobe Acrobat plugin.)

Federal PLUS Loan (Loans for Parents)

The Federal PLUS Loan (Parental Loan for Undergraduate Students) enables parents with good credit histories to borrow a loan for their children's educational expenses. Repayment of the federal PLUS loan begins 60 days after the last loan disbursement for the academic year in which the funds are borrowed. The interest rate for the federal PLUS loan is capped at 9 percent. Loan repayment is spread over a ten-year period. The amount a parent may borrow for the federal PLUS is limited only to the cost of the education. Students are not required to complete a FAFSA form in order for a parent to borrow these loan funds; however, we suggest that student complete the FAFSA form prior to applying to determine any further financial aid eligibility.