Alternative Student Loan Options for Rogue Community College Students

When you have exhausted all your financial aid options under Title IV (federal student aid including grants and Federal Stafford Loans) if you continue to experience unmet need, you have the option of applying for an alternative loan.

What is an "alternative loan? "
Non-federally regulated borrowing options for qualified students, available through lending institutions. Each lender defines the eligibility criteria (often include minimum annual incomes levels, certain debt-to-income levels, minimum credit scores, etc.) for their alternative loan program(s) as well as the terms and conditions of the loan offer (fees, interest rates, repayment schedules, benefits, etc.). Borrowers are strongly encouraged to be informed consumers before applying, carefully reviewing the terms and conditions provided by the lender. While RCC may act as a certifying agent on many alternative loans, the College is not the source of consumer information regarding alternative loans.

What is RCC's role?
RCC strongly cautions students against excessive indebtedness, as it may cause a financial burden which is later difficult to repay in a timely manner. Instead, the College recommends that you turn to loan options only after diligently exhausting grants, part-time work, and scholarship opportunities as well as look for ways to reduce expenses and maximize current resources.

Because the College recognizes the occasional need for access to educational funding beyond traditional financial aid options, RCC negotiated with a preferred lender, Sallie Mae, to offer alternative loan programs to RCC students, as follows:

Sallie Mae® provides federal and private student loans for undergraduate and graduate students and their parents. Sallie Mae also offers comprehensive information and resources to assist students, parents, and guidance professionals with the financial aid process.

These sites provide more information on the programs as well as the opportunity to apply. After you submit an alternative loan application to your lender, the lender determines if you meet minimum fiscal eligibility criteria and if so, assigns an interest rate for the loan offer. Then, if the alternative loan requires school certification (authorization by the school of eligible enrollment, eligible amount, financial need, enrollment period, requested disbursement dates, etc.), the lender submits a certification request to RCC. RCC's Financial Aid Office then evaluates your eligibility (eligible enrollment, available Title IV aid exhausted, unmet need, etc.), submits loan certification data to the lender, as applicable, issues an updated Award Letter to you, and later receives disbursement funds on your behalf. If either the lender or RCC is unable to confirm eligibility, you will be notified in writing. If you have questions about the application process you are invited to contact Rogue Central Services at the following locations:

Who is eligible?
Most current or recent students (within one year of enrollment) who have an outstanding institutional balance or have currently exhausted federal/state financial aid options and who otherwise meet the minimum annual income (approximately $15,000) or credit requirements (debt-to-income ratio and/or credit score) of the lender, either independently or with a co-signer. Lenders have the right to deny eligibility or establish the terms of a loan offer. Rogue Community College reserves the right to refuse/limit certification (for no unmet need, for an institutional balance older than one year, for failure to first exhaust federal/state options, for requested amount greater than prior balance or budgetary unmet need for the current term through the end of the loan period, etc.).

How much can you borrow?
For alternative loans that require school certification, the maximum you may borrow is the amount of your outstanding institutional balance incurred within the last year or the amount of your budgetary cost of attendance less other financial aid and resources for the current term through the end of the loan period (generally the academic year). RCC's Financial Aid Office will certify your eligibility, up to the amount you request, and request that funds disburse proportionately by term. For loans that do not require school certification, lender policies establish annual and aggregate limits.