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Alternative Loans
- 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).
- Repayment on the principle begins six months after you are no longer
enrolled.
- This is NOT a federal loan and cannot be combined with federal loan
consolidation.
- We recommend that you try to pay interest on alternative loans while
attending school. Even if the lender doesn't require interest payments
while you are in school, consider paying the interest because it will
decrease the overall cost of the loan.
- There is no penalty for repaying a portion or all of your loan at
any time.
 Applying
for an alternative loan
- Step 1 – Select a lender. We encourage you to choose a lender
from our preferred alternative loan lenders list, please see below.
If you prefer not to use one of our preferred lenders, contact the
financial aid office to receive approval of another lender.
- Step 2 – Apply for the alternative Loan(s) online (listed
on lenders’ sites at the bottom of this page) or contact the
financial aid office for a paper application.
- Step 3 – Sign the loan application (your cosigner, if applicable,
needs to sign the application, also).
- Step 4- Send your loan application in to the DWU financial aid office
to complete the school certification section of the application. Then
the Financial Aid Office will forward your application to the lender
for processing.
Loan limits
The maximum amount borrowed (determined by the financial
aid office) cannot exceed the student's cost of attendance minus other
financial aid.
Interest
Rate and Fees
The interest rate is a variable and varies with the
lender. Also a guarantee or origination fees vary with the lender. Research
each lender for individual interest rates and possibly guarantee or
origination fees.
Commonly Used Alternative loan lenders
Click
here to review information about the Alternative Loan lender benefits.
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