- 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
- 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
- Pay your loan off early (check with your lender to make sure there
are no prepayment penalties).
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.
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