HOME
Apply Online | Campus E-mail
 

Financial Aid HOME

Applying for Federal Aid
Net Price Calculator
Tuition and Fees
Payment Information
Frequently Asked Questions
Scholarships and Other Resources
Federal TEACH Grant
Parent Borrower
Student Loans
Direct Loan Entrance Counseling and MPN
Student Resources
Federal Loan Exit Counseling
Contact Us

Financial Aid for Undergraduate Students

Alternative Loans

  • Students should exhaust their eligibility in the federal loan programs before borrowing through a private student loan program. Visit Federal Aid First for more information.
     
  • You, the student, are the borrower.
     
  • You will need a credit-worthy cosigner if you have NOT established a positive credit history; this includes students with NO credit.
     
  • DWU works with you to determine the amount that you are eligible to borrow.
     
  • A credit evaluation is required.
     
  • You are responsible for the interest during the life of the loan (the federal government does not pay any interest).
     
  • DWU recommends you pay the interest while you are in school. Why? It will decrease the overall cost of the loan since you will not have interest accruing on top of interest. Note: some lenders require that you pay the interest while you are in school.
     
  • Repayment on the principle begins six months after you are no longer enrolled or drop below half time status.
     
  • This is NOT a federal loan and cannot be combined with federal loan consolidation.
     
  • Pay your loan off early (check with your lender to make sure there are no prepayment penalties).

Loan limits

The maximum amount a student can borrow, determined by DWU Financial Aid Office, cannot exceed the student's cost of attendance minus other financial aid received. DWU Financial Aid Office recommends students to borrow for the full award year. If you wish to borrow for the Fall term or Spring term only, please notify the DWU Financial Aid Office with this request and it will be noted in your financial aid file.

Note: only borrow what you need. Do not borrow to pay for non-educational items such as (iPod, play stations, cell phone, etc.) If you want to purchase items such as these, earn funds by working.

Interest Rate and Fees

  • Interest rate: variable or fixed and varies with the lender.
  • Fees: guarantee or origination fees vary with the lender.

Top of PageApplying for an alternative loan

Before applying for an alternative loan DWU encourage students, if they have not already done so, to apply first for federal financial aid.

  • Step 1 – Select a lender. Selecting a lender for an alternative student loan is an important decision, one that will affect you for the life of your loan. Before choosing a loan students (and families) are encouraged to research the lender benefits, customer service and other information related to loan processing, services and cost.
      
  • Step 2 – Apply for the alternative loan(s) online. DWU has provided a list of alternative loan lenders in no particular order at the bottom of this page along with the lenders’ websites. The alternative loan lenders listed below is based on historical data from the past 5 year of lenders DWU students have borrowed from. You have the right to select any lender participating in the alternative loan program and you are not required to choose from the lenders listed below. DWU does not promote, recommend or endorse any lenders noted below.
      
  • Step 3 – Make sure your loan is complete in its entirety. Many lenders may request additional information from you and/or co-signer after the loan has been pre-approved.

Alternative Loan Lenders

Lender: Bank of North Dakota
  Loan:
Phone:
DEAL Education Alternative Loan
800-472-2166
   
Lender: Citibank
  Loan:
Phone:
CitiAssist Loan
800-788-3368
   
Lender: Discover
  Loan:
Phone:
Discover Student Loan
877-728-3030
   
Lender: Wells Fargo
  Loan:
Loan:
Phone:
Collegiate Loan
MedCap Loan
800-378-5526
   
Lender: Minnesota Higher Education Services (for Minnesota residence only)
  Loan:
Phone:
SELF loan
651-642-0567
   
Lender: Sallie Mae
  Loan:
Phone:
Smart Option Student Loan
888-272-5543
   
Lender: iHELP Student Loan
  Loan:
Phone:

iHELP Student Loan
800-645-7404

   
Lender: cuStudentLoans
  Loan:
Phone:

cuScholar Private Student Loan
888-549-9050

Dakota Wesleyan University
1200 W. University Ave
Mitchell, SD 57301
800-333-8506
HOME
Copyright © DWU
Contact webmaster
Last updated: 7/11/12
605-995-2600