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Alternative Loan Programs

Alternative Loans are credit-based, private student loans. With an alternative student loan, you may borrow up to the full cost of your education, less other aid. Alternative loans generally have higher interest rates and fewer repayment options than federal loans. Generally, borrowers with better credit histories receive better loan terms. To apply for federal grants and loans, complete the Free Application for Federal Student Aid (FAFSA).

More Information about the Advantages of Federal Loans

Borrowing can be costly. We recommend you consider borrowing only if you have exhausted all other options.

Only borrow what you need. Make a budget for yourself to keep your debt within manageable limits.

Lender Options

Alternative Loan Comparison Worksheet

Lenders that offer Alternative/Private Student Loans vary in the interest rates and terms available. Be aware, that some lenders will require payment while you are enrolled in school. Other lenders will let you defer payment, but interest will accrue and be added to your balance. You will owe more than you borrowed once you leave school.
 
You have the right to borrow from any lender. You should compare alternative loan lenders to determine which lender best meets your needs. Wayne State University has no financial interest in a student’s choice of lender. You may use the loan comparison worksheet below to compare lender terms, rates, and repayment options.
 
WSU Lender Selection Methodology

The Application Process

The application process for alternative student loans includes a credit check. Your lender is also required to provide you with disclosure statements detailing your interest rate and confirming your acceptance of the loan.

Once the loan is approved, your lender will contact Wayne State University to request loan certification. After your loan has been certified, most lenders will then send the funds to WSU electronically, and the funds will be applied to your student tuition account. Any credit balance remaining will be refunded to you.

A few lenders will send the loan funds to Wayne State University via paper check. You must endorse the check before the funds can be applied to your student account. We will notify you when the check is ready for endorsement. 

Private Education Loan Applicant Self-Certification Forms

Private loans lenders are required to provide loan disclosures to borrowers. They are also required to collect additional information from you on a Private Education Loan Applicant Self-Certification Form, which includes the following:

  • Estimated financial assistance: all federal, state, institutional (school), private and other sources of aid. Your estimated financial assistance may be obtained at anytime on Pipeline. If the loan you are currently applying for has already been listed as an award, do not include it as current aid on the self-certification form.
The Self-Certification Form should not be submitted to the Financial Aid Office. It is filled out by the student and submitted directly to the lender.

 To view your cost of attendance and estimated financial assistance figures:

  1. Log in to Pipeline and click the Financial Aid tab at the top.
  2. Click "My Award Information" for the "Award Overview" page with the figures you will need. 

Graduate and Professional Degree Students

Students pursuing a graduate or professional degree are encouraged to apply for a Federal Direct Graduate PLUS Loan. The Federal Direct Graduate PLUS Loan has a fixed interest rate of 7.9%.

Parents of Undergraduates

Parents of undergraduates are encouraged to consider a Federal Direct Parent PLUS Loan. The Federal Direct Parent PLUS Loan has a fixed interest rate of 7.9%.