Beginning with the Summer 2013 semester, Rend Lake College will be offering alternative educational loans to students who need additional financial assistance beyond grants, scholarships, and federal work study. These student loans are offered by private banks and lending institutions. Interest rates, repayment options, and terms vary by lender. Most students will need a credit worthy co-borrower to increase the probability that the loan will be approved and ensure the lowest interest rates.
Students can usually meet their educational costs through a combination of financial aid and family resources. It is only when all resources do not meet educational costs that a student should consider borrowing an alternative loan. Students should carefully consider whether borrowing is the best option for them. Students interested in borrowing a loan should complete the steps below.
1. Complete a FAFSA
- Students interested in borrowing an alternative loan must have a valid Free Application for Federal Student Aid (FAFSA) on file with Rend Lake College.
- You can complete the FAFSA at www.fafsa.gov.
2. Choose a Lender
- Rend Lake College has two preferred lenders. Students are also able to choose an alternative loan lender not on the preferred lenders list.
- Sallie Mae
- Sallie Mae helps simplify the process of financing an undergraduate education, with a selection of competitive undergraduate student loans. With loan features such as low interest rates, full education coverage, a choice of repayment-options, and rewards for paying loans on time, you can worry less about financing your education — and invest more of your energy towards being a student.
- (877) 279-7172
- Wells Fargo
- Wells Fargo offers undergraduate students flexible private loan options to cover tuition and other eligible education expenses. No payments are due while the student is enrolled, the application process is quick and easy, rates are competitive, and there are no origination fees.
- (800) 378-5526, option 3
3. Check with the Financial Aid Office to Ensure Loan Processing at (618) 437-5321 ext. 1385
- The Financial Aid Office will be notified that a loan is awaiting action from the school.
- We check for loan certifications weekly, so wait a few days before checking with the school.
- We will not certify alternative loans for an amount that exceeds the student’s cost of attendance minus other financial aid the student is receiving.
- After the loan is certified, the lender will send the loan funds to RLC, and we will make a final assessment of the student’s eligibility.
- If the student remains eligible, the funds will be transferred to the Business Office and applied to outstanding charges. If there are loan funds remaining, refunds will be disbursed via the Higher One debit card 30 days into the semester.
During the application process, you must choose one of the following loan periods.
Summer Loan Period – 06/10/13 to 08/02/13
Fall Only Loan Period – 08/19/13 to 12/12/13
Fall/Spring Loan Period – 08/19/13 to 05/15/14
Spring Only Loan Period – 01/13/14 to 05/15/14