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A loan is a form of aid that must be repaid. Alternative loan programs are non-federal loans offered by various lending institutions to assist students in paying for their educational expenses. They are also referred to as private education loans.
Interest rates for alternative loans and loan repayment terms vary by lender, and eligibility often depends upon borrower or co-borrower's credit history. Some alternative loan programs may require international students have a credit-worthy co-borrower who is a U.S. citizen or permanent resident.
Apply for Federal Aid First
Often students borrow alternative loans after having exhausted all other forms of federal student aid, state aid, WSU aid and external scholarships. It is highly recommended students apply for federal student aid before applying for an alternative loan. You may be eligible for federal loans. Visit the Department of Education's Federal Aid First website.
How to Apply for Alternative Loans
Below are steps students should follow when applying for alternative loans.
- Explore other loan options first. You may qualify for federal loans. Visit our Federal Student Aid page for more information or contact our office.
- If you'd like to pursue an alternative loan, contact a lender of your choice for information on how to apply. You may also view a list of WSU selected loan programs on FASTChoice. NOTE: You may choose any loan program/lender, even if they do not appear on FASTChoice. If a lender approves you for an alternative loan, the lender will send a school certification request to the Office of Financial Aid.
- Upon receipt of a school certification request, you will be asked to complete and return an Alternative Loan Data Request Form to the Office of Financial Aid. This form will be assigned to your WINGS Express Eligibility Requirements page. Print and return the form to the Office of Financial Aid by mail, fax, or in person.
- Upon receipt of the Alternative Loan Data Request Form, the Office of Financial Aid will complete and return to the lender a school certification, provided the student is eligible for the loan. If the student is eligible, the alternative loan will appear on the student's Award Notice via WINGS Express as "accepted."
- Depending upon the loan program, the lender may ask the student to complete a self-certification form prior to disbursing loan funds.
WSU Policy for Alternative Loans
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