Alternative Loans
Alternative financing, based on a special relationship that The FCI has with an outside financing company, is an option that enables students to cover the full cost of their program.
Features:
Requirements:
Sallie Mae Career Training Smart Option Loan
Designed to help shorten the amount of time taken to pay off the loan, this loan features interest-only payments while still in school and during the six-month separation period. Students can avoid capitalized interest, thereby significantly reducing their total loan cost and enabling them to graduate with substantially less debt. For more information, speak to your adviser or visit Sallie Mae's website.Features:
- Competitive interest rates are driven by the LIBOR rate (variable interest rate)
- Repayment available on terms of up to 15 years, with no prepayment penalties
- Students can make principal and interest payments while in school to lower the amount that must be paid back
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate
- Borrowers may apply for a cosigner release after successful completion of their education
- Disbursements fees range from 0-5%
- International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and U.S Citizenship & Immigration Service (USCIS) documents
Requirements:
- Approval is based on applicant's and/or co-applicant’s credit history
- Applicant and/or co-applicant must be a U.S. citizen or permanent resident
- Applicant and/or co-applicant must have been employed for at least two years in the same field and earn a minimum of $18,000 annually