Alternative Loans

Alternative Loans

Once you have pursued and determined your eligibility for federal student loans, you may want to consider a loan from a credit agency or private lender. You and your family are responsible for reviewing and applying for these loans. Generally, private loans offer less favorable terms and conditions than federal loans. With that in mind, we urge you and your family to budget carefully and only borrow what is necessary.

We can not recommend or endorse any lender, but we do encourage you and your family to compare lenders. Be sure to review the terms and conditions, fees, repayments options and interests rates to find the private loan that best fits your needs.

Guidelines And Tips

Before taking on a private loan, we urge you to review our guidelines and tips. This will help ensure that you’re making the best decision for you and your family. View our guidelines and tips about private loans.

Private Student Loan Marketplace

Due to the large number of lenders that participate in student loan programs, the financial aid office is often asked by student and parents for assistance when obtaining loans. Although Furman University does not and will not recommend a specific lender, we feel it is important to help guide borrowers in their search for educational financing. This list is a starting point for students and parents to compare and contrast the available benefits offered by various lenders. There is no obligation for students or parents to use a lender on the recommended list. Furman University will process a student/parent loan from any lender that the student or parent selects to best apply to your situation.

Comparing Loans Using ELM Select:
You can use the sort and filter options to limit the types of lender options you would like to compare.

  • Go to the ELM Select website
  • Click on the compare tab for as many Lenders as you would like to compare. Selected lenders will remain listed onscreen.
  • To select more lenders, return to the sort and filter by clicking the three lines to the right of the screen just before the name Furman University.
  • Click on Choose a lender and select another lender name. Once the listing is visible, select compare.
  • Select COMPARE NOW to view the variable options.
  • You may also view details individually for each Lender by clicking on the Lender logo.

South Carolina Teachers Loan

The South Carolina Teachers Loan was established in 1984 to entice talented and qualified students into the teaching profession. This loan is canceled at the rate of 20 percent or $3,000, whichever is greater, for each year of full-time teaching in a critical subject or in a depressed geographical area as designated by the state. If you teach in both a critical subject and a geographic area simultaneously, your loan is canceled at the rate of 33.3 percent or $5,000, whichever is greater, for each year of full-time teaching. Based on your year in school, a freshman or sophomore can receive up to $2,500 per year, and a junior, senior, or graduate student can receive up to $5000 per year. View the application and eligibility requirements.

South Carolina Teachers Loan For Career Changers

The South Carolina Teacher Loan for Career Changers was established to give individuals an opportunity to enter the teaching profession. This loan is canceled at the rate of 20 percent or $3,000, whichever is greater, for each year of full-time teaching in a critical subject or in a depressed geographical area as designated by the state. If you teach in both a critical subject and a geographic area simultaneously, your loan is canceled at the rate of 33.3 percent or $5,000, whichever is greater, for each year of full-time teaching. Qualified students may borrow an annual amount of $15,000 per year, up to a cumulative amount of $60,000. View the loan’s application and eligibility requirements.