Alternative loans are credit-based loans borrowed through private lenders. Generally, borrowers with better credit histories receive better loan terms. You may borrow up to the WSU-established cost of your education, less other aid.
Alternative loans generally have higher interest rates and fewer repayment options than federal loans. To apply for federal grants and loans, complete the FAFSA.
Lenders that offer alternative/private student loans have varying interest rates and terms available.
Be aware that there are two possible scenarios:
- Some lenders will require payment while you are in school
- Other lenders will let you defer payment, with interest accrueing and being added to your balance
- Regardless, you will owe more than you borrowed when you leave school
Alternative loan comparison - ELM Select Loan Comparison Tool
You have the right to borrow from any lender; Wayne State University has no financial interest in a student's choice of lender. You should compare alternative loan lenders to determine which lender best meets your needs. You may use the ELM Select Loan Comparison Tool to compare lender terms, rates, and repayment options.
The ELM Select Loan Comparison Tool includes lenders who provided 10 or more loans to Wayne State University students for the 2016 calendar year. This list does not imply endorsement, is reviewed periodically and can be changed at any time.
The application process
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 if a check is ready for endorsement.
Private loan self-certification form
Private loan 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:
Cost of attendance: an estimate of tuition and fees, room and board, transportation, and other costs for the period of enrollment covered by the loan. You may obtain your cost of attendance at anytime via Academica.
Estimated financial assistance: all federal, state, institutional, private and other sources of aid. Your estimated financial assistance may be obtained at any time via Academica. 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 be submitted directly to your lender, not the Financial Aid Office.
To view your cost of attendance and estimated financial assistance figures:
- Click "My Award Information" and then the "Award Overview" tab for the figures you will need.
- If you did not apply for federal aid, use the cost of attendance figures for your program.
Graduate and professional degree students
Students pursuing a graduate or professional degree are encouraged to consider a Federal Direct Graduate PLUS loan.
Parents of undergraduates
Parents of undergraduates are encouraged to consider a Federal Direct Parent PLUS Loan.