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College Loan Programs |
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Essex County College
(ECC) participates in the Alternative Loan Programs. Alternative loans are private
loans made by commercial lenders. These loans are available to students who
need additional assistance in meeting their educational cost. Although loans are obtained through private lenders, the Essex County
College Financial Aid Office must certify them and the amount requested must
be within the student’s cost of attendance (budget). We also process
the NJCLASS Loan through the New Jersey Higher Education Student Assistance
Authority (HESAA). Visit us online at http://www.essex.edu/finaid/
to learn more about alternative loans. Please note: ECC does not participate
in the Federal Education Loan Programs (FFELP), which consist of the Federal
Stafford Loan and the Parent Loan for Undergraduate Students (PLUS). |
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Every
student at ECC has the right to choose the lender of their choice. |
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We have provided you
with information on a limited number of lenders. These lenders have been provided because of information on their cost
for borrowing, technology and their history of providing good customer
service. ECC does not receive any inducements, payments, favors or gifts of
any kind in exchange or as an incentive or reward for recommending these
lenders. No ECC staff serves on any advisory boards as consultants or in any
similar dual capacity with any recommended lender; nor does any financial aid
staff have financial interest in the lenders we recommend to students and
parents. Visit us online at http://www.essex.edu/finaid/
for a description of the loan programs and current interest rates. Borrowing
should be a last resort for students and should not be
taken lightly. Students should carefully review their financial aid
eligibility and borrow only if they need additional funds to meet their
educational cost or if they have been determined to be ineligible for
financial aid funds. Remember loan funds must be repaid
and failure to repay the funds can affect your credit rating and your ability
to borrow funds or apply for credit in the future. Please remember: All
borrowers have the right to borrow from the lender of their choice, whether
or not the lender is included on our lender list. Choice of lender is the
borrower’s responsibility. ECC will provide the same treatment and
service to all student and parent borrowers, regardless of the lender they
choose. When selecting a lender we recommend that you ask the lender about
their practices in the following issues: the amount you can borrow, fees, interest
rates, incentives, repayment and general polices for borrowing. |
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Guide to
Alternative Loan Options |
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What is an Alternative
Loan? An alternative loan is a private, nonfederal loan made by a
commercial lender. Alternative education loans can provide a source of
additional funding for students. Please be aware that that alternative loan
may require one or more of the following: that the student borrower
demonstrates good credit history, has employment history, secures the loan
with a creditworthy cosigner, and/or demonstrates satisfactory debt/income
ratio. How much can I borrow? If you are not receiving any other financial aid, you may borrow
up to the Cost of Attendance (COA) with an alternative loan. However, if you
are receiving financial aid, your alternative loan amount will depend on the
sum of the other awards (i.e. grants, scholarships, work-study, etc.). In
this instance, your alternative loan amount is determined
by the following formula: COA (cost of attendance) minus financial aid award
equals maximum alternative loan amount. The total from all sources of
financial aid cannot exceed your COA. What is the COA? The COA is the Cost of Attendance, an estimation of costs
established by the Office of Financial Aid, including allowances for tuition,
room and board, supplies, transportation, and personal expenses. To be considered for an Alternative Loan, you must complete the
Free Application for Federal Student Aid (FAFSA) and be admitted to Essex County
College as a matriculated student. You then need to select a lender and
obtain a pre-approval. How do I qualify and apply for an Alternative Loan? The Alternative Loan lender determines the terms and conditions
of each loan. For example, alternative loan interest rates vary according to
the lender and the applicant’s credit history. You should contact the
lender directly to inquire in detail regarding the terms and conditions of
the loan. |
Loan Program/Lenders:
NJCLASS
Loan - Higher Education Student Assistance Authority (HESAA) 1-800-792-8670 Apply
for the NJCLASS Loan online at: https://www.hesaa.org/oNJCLASS/html/index.htm SallieMae Signature
Student Loan for Community CollegesSM 1-888-272-5543 Apply
for the SallieMae Signature Student Loan for Community CollegesSM
online at: Wells Loan 1-800-378-5526 Apply for the Wells Loan online at: https://www.wellsfargo.com/student/undergrad/collegiate/ Chase
SelectSM Certified Private Education Loan 1-866-306-0868 Apply for the Chase SelectSM Certified
Private Education Loan online at : |
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For More Information: Contact the Essex County College Office of Financial Aid at
(973) 877-3200 or visit us on the web at http://www.essex.edu/finaid/ |
Room 3220, Green Area |
