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
