Alternative Education Loans

Students who need additional funds for education, beyond what was awarded on their financial aid award letter, might consider an alternative (or private) student loan. These loans are private educational loans from a lender and are not guaranteed by the federal government. Approval of an alternative loan is based on creditworthiness. Most students will require a co-signer.

The student should file a Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal and state aid before applying for an alternative education loan.

Important information to consider before choosing an alternative loan:

1- Alternative loans have a variable interest rate which varies from lender to lender. Many reset the interest rate quarterly.
2- There is usually no cap on how high the interest rate can go.
3- Interest accrues the entire time the student is in school and in their grace period. Only borrow what you need for the current academic year and reapply if needed in later academic years.
4- Many lenders include origination and/or repayment fees.
5- The loan is in the student's name but usually a co-signer is required. The co-signer bears equal responsibility for loan repayment.
6- Not all lenders offer deferments or forbearance options once the loan has entered repayment.
7- Contact the lender if you have questions.

Three options for Alternative Loans:
    Alternative Loans
    Health Professions Alternative Loans (must be admitted to an approved Allied Health program)
    Minnesota SELF Loan (Minnesota residents only)

Alternative Education Loans

Students my choose any lender for their private alternative loans. Information and application procedures for the alternative loans most frequently used by UW-L students, are listed below.

Wachovia
U.S. Bank
Citibank
Sallie Mae Education Trust
UW Credit Union
Wells Fargo
Associated Bank
EdAmerica
AnchorBank
Chase Bank
College Loan Corporation
M & I Bank


Wachovia
    (877) 689-0763
    Wachovia Private Loan
            Apply Here

U.S. Bank
   (800) 242-1200
    GAP Education Loan
    No Fee Education Loan
            Apply Here

Citibank      (800) 967-2400
    CitiAssist Loan
            Apply Here

Sallie Mae Education Trust

    
Signature Loan
            Apply Here

UW Credit Union
    (800) 533-6773 ext 2900
    UW CU Alternative Student Loan
            Apply Here

Wells Fargo
    (800) 658-3567
    Collegiate Loan
    Graduate Loan
            Apply Here

Associated Bank
   (800) 789-6765
    A+ Supplemental Loan (Not currently available)
            Apply Here

EdAmerica     (800) 337-1009
    Xtra Credit Loan
            Apply Here

AnchorBank    (800) 236-8769
    Campus Door Loan for Undergraduates
    Campus Door Loan for Graduates
            Apply Here

Chase Bank    
(800) 487-4404
    
Chase Select Private Loan - Undergraduate
    Chase Select Private Loan - Graduate
            Apply Here

College Loan Corporation 
  (800) 226-5534
    Premier Alternative Loan
            Apply Here

M & I Bank
     (866) 866-7372
    M & I Private Loan
            Apply Here


Health Professions Alternative Loans
These private loans are only available to students who have been ADMITTED to an approved allied health program (PT, PA, OT, RT, NMT, NA, Clinical Lab Science).
Pre-professional majors do NOT qualify.

Wells Fargo


Wells Fargo       (800) 658-3567
    MedCAP Loan
            Apply Here



Minnesota Student Educational Loan Fund (SELF) Program
The Minnesota SELF Loan helps students who need assistance in paying for education beyond high school. Loan eligibility is not based on need. To be eligible for the SELF program, a student must be a Minnesota resident who maintains satisfactory academic progress, is enrolled at least half time in a degree seeking program and is attending an eligible institution. In addition, the student must have a credit worthy co-signer and not be delinquent or in default on a SELF or other outstanding student loans.
Borrowers are required to pay interest quarterly while in school. After graduating or leaving school the student enters repayment. The interest rate charged to the borrower changes throughout the life of the loan, and can change every three months. SELF Loan applicants are required to complete SELF Loan Entrance Loan Counseling. For more information visit the Minnesota Higher Education Coordinating Board, www.selfloan.org.

Annual Loan Limit:
Undergraduate $7,500 per grade level
Graduate $9,000 per year      
Cumulative Loan Limit:
Undergraduate $37,500        
Graduate $55,500 including undergraduate SELF

Other Financing Options brochure