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).

Every student at ECC has the right to choose the lender of their choice. 

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.

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.

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 Colleges

1-888-272-5543

Apply for the SallieMae Signature Student Loan for Community CollegesSM online at:

http://www.salliemae.com/

Wells Fargo Collegiate® Loan

1-800-378-5526

Apply for the Wells Fargo Collegiate® 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 :

http://chaseselectloans.com/

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.

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/

OFFICE OF FINANCIAL AID

Essex County College
303 University Avenue
Room 3220, Green Area
Newark, New Jersey 07102