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Alternative/Private Loans

Alternative/Private loans are educational loans offered by banks and credit unions.

We encourage you to borrow alternative loans only as a last resort after exhausting eligibility for federal loans. Each lender sets its own interest rates and fees, typically higher than those of federal loans. You may research lenders on your own or search lenders BYU has used in the past three years.

Research Lenders


You must meet your specific lender’s borrower criteria, and in some instances, you may need to provide a co-signer.

Loan Amounts

You may request an alternative/private loan up to your cost of attendance, minus other financial aid. Your cost of attendance is found on MyAid Dashboard.

Undergraduate Alternative Loan Certification Policy

To help students make informed decisions about debt financing, the Financial Aid Office has established an automatic certification threshold for private bank loan applications received in our office. Loans that are requested in the amount of $6,000 or less for the fall/winter enrollment period ($3,000 for a single semester or Spring/Summer Terms combined) will automatically be certified, if all other requirements are met.

Students who wish to borrow more than these specified amounts are asked to visit with a counselor in our Financial Fitness Center to evaluate their current expenses, consider all available sources of support, and to establish a maximum recommended borrowing limit.

Review the full policy for more information.

After the loan has been certified by BYU, please allow 3-4 weeks for the funds to post to your student account.