Student Alternative Loans
- Students should exhaust their eligibility in the federal loan programs before borrowing through a private student loan program. Visit Federal Aid First for more information.
- You, the student, are the borrower.
- You will need a credit-worthy cosigner if you have NOT established a positive credit history; this includes students with NO credit.
- DWU works with you to determine the amount that you are eligible to borrow.
- A credit evaluation is required.
- You are responsible for the interest during the life of the loan (the federal government does not pay any interest).
- DWU recommends you pay the interest while you are in school. Why? It will decrease the overall cost of the loan since you will not have interest accruing on top of interest. Note: some lenders require that you pay the interest while you are in school.
- Repayment on the principle begins six months after you are no longer enrolled or drop below half time status.
- This is NOT a federal loan and cannot be combined with federal loan consolidation.
- Pay your loan off early (check with your lender to make sure there are no prepayment penalties).
The maximum amount a student can borrow, determined by DWU Financial Aid Office, cannot exceed the student's cost of attendance minus other financial aid received. DWU Financial Aid Office recommends students to borrow for the full award year. If you wish to borrow for the Fall term or Spring term only, please notify the DWU Financial Aid Office with this request and it will be noted in your financial aid file.
Note: only borrow what you need. Do not borrow to pay for non-educational items such as (iPod, play stations, cell phone, etc.) If you want to purchase items such as these, earn funds by working.
Interest Rate and Fees
- Interest rate: variable or fixed and varies with the lender.
- Fees: guarantee or origination fees vary with the lender.
APPLYING FOR A STUDENT ALTERNATIVE LOAN
Before applying for a student alternative loan DWU encourage students, if they have not already done so, to apply first for federal financial aid.
- Step 1 – Select a lender. Selecting a lender for a student alternative loan is an important decision, one that will affect you for the life of your loan. Before choosing a loan, students (and families) are encouraged to research the lender benefits, customer service and other information related to loan processing, services and cost.
- Step 2 – Once you have had a chance to look at the different lenders and have made your choice please apply online for this loan. Note: The student alternative loan lenders DWU lists are based on historical data from the past 5 year of lenders DWU students have borrowed from. You have the right to select any lender participating in the student alternative loan program and you are not required to choose from the lenders listed. DWU does not promote, recommend or endorse any lenders.
- Step 3 – Make sure your loan is complete in its entirety. Many lenders may request additional information from you and/or co-signer after the loan has been pre-approved.
To select a lender and to apply online please select the following link: FASTChoice Student Loan List