Financial Aid
Private/Alternative Loans
What is a Private/Alternative Loan?
This is a credit based loan that is in the student's name. This type of loan should only be used as a last resort. It allows the degree seeking student to borrow up to the cost of attendance minus the financial aid already received. Interest accrues from the date of the first disbursement but typically no payments are required until six months after you graduate or drop below half-time enrollment. Most alternative loans will require a credit worthy cosigner unless you have two years of established, positive credit. Obtain more information.
How do I apply for a Private/Alternative Loan?
- Complete the FAFSA
WCTC highly recommends that students file the FAFSA to determine what federal and state grants they are eligible for prior to applying for a Private/Alternative loan. If you apply for an alternative loan without applying for federal financial aid, you will need to contact the financial aid manager before we will certify the alternative loan for you.
- Complete the Stafford loan process
WCTC highly recommends that students apply for a Stafford loan before applying for a Private/Alternative loan.If you apply for an alternative loan without applying for federal financial aid, you will need to contact the financial aid manager before we will certify the alternative loan for you.
- Complete the online Entrance Counseling
All first-time alternative loan recipients are required to complete online entrance counseling which will describe the terms of the alternative loan as well as your rights and responsibilities as an alternative load borrower. WCTC will not certify an alternative loan unless you have completed the entrance counseling.
- Search for a Private/Alternative Loan
Almost all lenders have a private/alternative loan. View a comparison chart of the various loans available. You apply for the loan directly through the lenders themselves. (The inclusion of a loan program or lender on this site does not imply endorsement. We do not endorse any alternative loan programs or lenders. Note that information is subject to change at any time, and we are not responsible for the content of lender websites. Contact lenders directly to confirm details or get current information.)
Repayment Information
Private/Alternative loans typically enter repayment six months after you graduate or drop below half-time enrollment. You should contact your lender for repayment terms.
Back
|
|
