Alternative Loans

ALTERNATIVE LOANS

Alternative loans are loans that are applied for and received through private lending institutions. Students are encouraged to apply for Federal Stafford Loans through the Free Application for Federal Student Aid (FAFSA) before using alternative loans. The FAFSA web address is: www.fafsa.ed.gov.

Some important information to keep in mind when applying for an alternative loan.

1) They are generally credit based.

2) Usually require a co-signer.

3) They cannot exceed the Cost-of-Attendance minus existing aid. Some alternative loan programs may have a loan limit.

4) During peak times, it can take three weeks to process an alternative loan application.

5) After the application is processed, WVSU will certify the student's enrollment with the lender.

6) Repayments and interest rates on alternative loans vary but, repayment is usually deferred until graduation or enrollment drops below half-time (six hours for undergraduate and four hours for graduate students).

7) Most loan programs require half-time enrollment to apply.

Apply for an alternative loan.