Alternative Educational Financing
The SNU Financial Assistance office strives to meet the demonstrated financial need of students to afford the high cost of a college education. With certain eligibility issues and funding availability, some students may have a funding gap between their financial need and the amount of funds that federal, state, and institution aid programs can provide. Alternatives are available to help fill the funding gap.
Students should always submit a Free Application for Federal Student Aid (FAFSA) to determine their eligibility for federal, state, and institutional aid. If additional funding is needed, you might consider the following.
Employment: The Career Services & Student Employment office that is located in the Commons provides information about part-time employment for on and off campus positions. All jobs are posted in their office and on their website at snu.edu/careerservices.
Pre-payment Option: Students have the option of payment plans through the business office. For more information, contact the Business Office in the Bresee building or by phone at (405)491-6308.
Private Educational Loans: Several banks and lending agencies offer private educational loans to credit-worthy borrowers or to borrowers with credit-worthy cosigners. These loans are not federally subsidized. Because the interest rates for private educational loans are generally higher than Federal Direct Stafford and PLUS Loans interest rates, we recommend that you exhaust your Federal educational loan eligibility before considering alternative loans. When shopping for a private loan, students need to be educated consumers. Factors to consider when searching for an alternative student loan are: the interest rate, loan origination fee, repayment terms, and approval requirements.
The SNU Financial Assistance Office uses ELM Resources for processing private alternative student loans.
New option as of 2016 – Sallie Mae Parent Loan is available to parents, family members, and other credit-worthy individuals who are willing to help a student achieve their education goals. Borrowers, cosigners, and students must be U.S. citizens or permanent residents. Contact the Financial Aid Office counselors for more information on this loan.