Student & Alternative Loans

The Application Process

ALTS has a cooperative arrangement with Concordia Theological Seminary, Fort Wayne (CTSFW). Because CTSFW is accredited, ALTS students are eligible for a variety of grants, fellowships, and gift aid, as well as federal educational assistance. The terms of our agreement with CTSFW require ALTS students to apply for financial assistance through the CTSFW Financial Aid Office.

In order to be eligible either for gift aid or federal Stafford loans you must be enrolled at least half time in a term. Students in programs such as S.T.M., M.A. and Ph.D. are eligible for federal Stafford loans and Federal Work Study, but should contact the dean of their program for information about any grants, scholarships or graduate assistantships that may be available.

For additional information, please visit the CTSFW Financial Aid FAQ page.

Student Loans

Indiana Secondary Market for Education Loans, Inc. (ISM)

ISM Educational Loans, a source for Origination Free® Stafford Loans, is Indiana’s only designated secondary market for education loans. ISM pays up-front fees on student loans and lowers interest rates during repayment, enabling families to save thousands of dollars. Start to finish, all application processing, information exchanges with schools and families, disbursements for borrowers and follow-up (such as refunds and cancellations) will be done in Indiana. All contact with ISM Educational Loans should be done through the CTSFW Financial Aid Office.

Bill Raskob Foundation

PO Box 507, Crownsville, MD 21032-0507

ELIGIBILITY: Must be an American citizen.

DEADLINE: MAY 1 (application must be requested between January 1 and April 1)

AMOUNT: $1000-$3000

Loans are interest free. Repayment begins six months after graduation or studies are terminated.

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Alternative Loans

Alternative loans are loans that are designed for students but not guaranteed by the federal government. Alternative loans are offered directly to the student by private lenders. Just like other student loans, alternative loans must be repaid!

Most students can meet their educational costs by a combination of awarded federal aid and family resources. It is only when all resources do not meet educational costs that a student should consider an alternative loan. A student should exhaust all of their Stafford Loan eligibility before considering alternative loans since interest rates and origination fees are usually lower for Stafford Loans.

Alternative loan requirements vary according to the lender, but some of the most common requirements are:

  • Ability to pass a credit check, or having a credit-worthy co-signer.
  • Loan amount plus all other aid cannot exceed the cost of attendance.
  • Enrolled at least half-time (some lenders require full-time enrollment).
  • Making reasonable academic progress.

Compare loan terms, interest rates, finance charges, and repayment schedules as you would with any other personal loan. It is almost impossible to keep a list current showing specific lenders and loan terms, but here is a list of some sources for private loans with websites where you can check out products yourself and even apply online:

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Additional resources will be added as they are discovered or become available to us.

American Lutheran Theological Seminary

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