Alternative Student Loans
WHAT IS AN ALTERNATIVE STUDENT LOAN?
Alternative Loans are non-federal educational loans through a private lender processed and issued in a student's name. Since they are not federally backed loans, a credit check and credit worthy co-signer are usually required by the lender.
Waynesburg University strongly recommends that students and families consider an alternative loan only as a last resort and only after they have exhausted their loan eligibility under the Federal Direct Loan Program (Direct Loan and Direct PLUS Loan). The Direct Loan Program offers deferment, repayment and consolidation options not offered under alternative loans.
SELECTING A LENDER
A student may choose any lender when borrowing an alternative student loan. It is crucial though that you do your homework and select a lender and a loan that best suits your academic and financial needs as a borrower, since there may be differences in interest rates, fees, credit evaluation, academic progress requirements, repayment terms and borrower benefits.
Here is a website that lists lenders who have processed loans for Waynesburg University students over the past three years and who currently process alternative student loans: Elm Select
Effective February 2010, the federal government enacted legislation effecting all alternative loans, thus lengthening the time between the initial loan application and the actual disbursement of loan funds to the student's school account. One should anticipate at least a four to six week period to complete the alternative loan processing and the actual disbursement of funds. To ensure the timely delivery of your atlernative loan funds, please apply early and respond quickly to any requests from your lender!