In some cases, the various student and parent loans available through our office might not be enough to meet your borrowing needs. In such situations, there are various "alternative" or "private" loans (meaning that they are not federally guaranteed or offered from Middlebury funds). Many banks and other lending institutions provide alternative loans. We recommend that you use these loans sparingly and only after discussing your particular situation with staff at the Student Financial Services office. Undergraduate student applicants will require a co-signer on his/her loan application. You can refer to Middlebury's list of private lenders for suggested banks to contact about these loans.
What Makes a Good Co-Signer?
- Four to five years of good credit history
- Steady employment with enough income to meet debt obligations
- All credit obligations are met
- Credit is not over extended
- No serious derogatory items on their credit bureau report
What Are Lenders Looking For?
- A very limited number of 30,60 or 90 day past-due payments on consumer loans or credit card accounts
- No judgments, charge-offs, bankruptcies, or foreclosures
- No educational loan defaults
- No federal delinquencies or outstanding federal liens
- Limited additional consumer debt such as loans, credit cards, etc.
- Current income sufficient for debt repayment
To apply for a Private Educational loan, click here.