ALTERNATIVE LOANS

Alternative loans are loans that are applied for and received through private lending institutions. Students are encouraged to apply for Federal Direct 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, but some 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, WVU will certify the student's enrollment with the lender.

6) WVU processes loans through the U.S. Department of Education William D. Ford Federal Direct Loan Program. The only loans that WVU processes through outside lending agencies are alternative student loans - not the Stafford Federal Family Education Loans since our students borrow William D. Ford Federal Direct Loans.

7) Repayments on alternative loans vary but are usually deferred until graduation or enrollment drops below half-time (six hours for undergraduate and four hours for graduate students).

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

Listed below are some alternative loan lenders and their web addresses.

CAMPUS DOOR UNDERGRADUATE LOAN: http://www.campusdoor.com

CHASE: http://www.chasestudentloans.com

CITIASSIST LOAN: http://studentloan.com/citiassist

NATIONAL EDUCATION: http://www.nationaleducation.com/

SIGNATURE STUDENT LOAN: http://www.salliemae.com

WELLS FARGO COLLEGIATE LOAN: http://wellsfargo.com

These are only a few suggested sources for alternative loans and do not constitute an endorsement from the WVU Financial Aid Office. You can research and select any loan agency of your choice.