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> WSU Home > Students > Financial Aid > Alternative Loans
Optional Alternative Loans
Information is provided below to assist you in deciding which loan program(s) would best serve your needs for additional borrowing to cover your college costs. Carefully review the eligibility criteria, loan limits and repayment terms of the loan(s) you are considering. The Optional Alternative Loan Limit listed in WSU award letters represents the maximum amount WSU would be able to approve. This is a maximum limit, not a recommended amount. Students should only consider additional borrowing after exhausting all other resources or options and after carefully considering their ability to repay these loans. The WSU Financial Aid Office is available to answer questions and to assist you with the application process.
|
Federal Parent Loan For Students (Plus) |
| Eligible Borrower |
- Parents of dependant undergraduate students
- Satisfactory progress standards apply
- Cannot be used to pay off a previous semester's bill
if student not currently enrolled. |
| Phone |
Great Lakes: 800-366-0032
EAC: 800-458-4011 |
| Website |
Great Lakes: PLUS Pre-Approval and Application
EAC: PLUS Application |
| Enrollment Requirement |
Half-time or more |
| Annual Borrowing Limits |
Cost of attendance less financial aid. |
| Repayment Expectations |
Borrowers must begin repaying principal and interest within 60 days of disbursement. However, some lenders may offer forbearance options to defer principal and/or interest payments. |
| Repayment Term Length |
Up to 10 Years |
| |
Minnesota Office of Higher Education
SELF Loan |
| Eligible Borrower |
-MN resident attending an eligible school in or out-of-state.
-Nonresident attending an eligible school in MN.
-Satisfactory Progress standards apply
-FAFSA required
-Cannot be used to pay previous semester's bill if not
currently enrolled |
| Phone |
1-800-657-3866 |
| Website |
SELF Loan Pre-Approval and Application
SELF Loan Program Information |
| Enrollment Requirement |
Half-time or more |
| Annual Borrowing Limits |
Cost of attendance less financial aid, not to exceed $6,000 for freshman & sophomores, $7,500 for juniors & seniors $9,000 for graduate students. (minimum $500). |
| Repayment Expectations |
Quarterly interest payments are required during in-school period. |
| Repayment Term Length |
Up to 10 Years |
| Cosigner Requirements |
Cosigner is required |
Alternative Loans from Private Lenders
WSU does not endorse specific lenders or loan products. Please contact the lender directly for the terms and conditions of the loans.
| |
U. S. Bank
No Fee Education Loan and Gap Education Loan |
| Phone |
1-800-242-1200 |
| Website (online application) |
www.usbank.com/NoFeeApp
www.usbank.com/GapApp |
| Eligible Borrower |
-U.S. citizen or permanent resident
-Non citizen with U.S. citizen cosigner |
| Enrollment Requirement |
Less than half time allowed |
| Annual Borrowing Limits |
Cost of attendance less financial aid. See website for further information. (minimum $1,000) |
| Repayment Expectations |
Principal deferred and interest accrued and capitalized at repayment. Monthly payment of Principal & interest thereafter. |
| Repayment Term Length |
Up to 15 years. |
| Cosigner Requirements |
A student may borrow without a cosigner at any of the rates as long as he/she passes the credit test(s). |
| |
Wells Fargo
Collegiate Loan |
| Phone |
1-800-658-3567 |
| Website (online application) |
Collegiate Loan |
| Eligible Borrower |
-U.S. citizen or permanent resident.
-Must meet credit criteria.
-Undergraduate or graduate student enrolled in an eligible program. |
| Enrollment Requirement |
-Less than half-time allowed |
| Annual Borrowing Limits |
Cost of attendance less financial aid. (minimum $1,000 for first time borrower) |
| Repayment Expectations |
Principal deferred and interest accrued during Interim and capitalized at repayment. Monthly payment of principal and interest thereafter. |
| Repayment Term Length |
Up to 15 years. |
| Cosigner Requirements |
A student may borrow without a cosigner but must be creditworthy. |
| |
Associated Bank
A+ Supplemental loan |
| Phone |
1-800-657-4636 |
| Website |
A+ Supplemental Loan
(Get application in financial aid office). |
| Eligible Borrower |
-FAFSA completed
-You are a U.S. citizen or a U.S. permanent resident alien. |
| Enrollment Requirement |
You are enrolled or will be enrolled at least as a half-time student. |
| Annual Borrowing Limits |
-$15,000 annual limit (determined by the school) |
| Repayment Expectations |
Standard, interest only, forbearance. |
| Repayment Term Length |
Up to 15 years |
| Cosigner Requirements |
A student may borrow without a cosigner but must be credit-worthy. |
| |
Citibank
CitiAssist Loan |
| Phone |
1-800-745-5473 |
| Website (online application) |
CitiAssist Loan |
| Eligible Borrower |
-U.S. citizen or permanent resident.
-At least 18 years of age.
-Positive credit criteria. |
| Enrollment Requirement |
Less than half-time allowed. |
| Annual Borrowing Limits |
Cost of attendance less financial aid. |
| Repayment Expectations |
Principal deferred and interest accrued during interim and capitalized at repayment. Monthly payment of principal and interest thereafter. |
| Repayment Term length |
-Undergraduate - 12 years
-Graduate - 15 years |
| Cosigner Requirements |
A student may borrow without a cosigner but must have positive credit history. |
| |
Wachovia/Educaid
Educational Select Loan |
| Phone |
1-800-338-2243 |
| Website (online application) |
Wachovia Educational Select Loan |
| Eligible Borrower |
-U.S. citizen or permanent resident and have resided in the U.S. for the previous two years.
-International students must apply with a U.S. citizen or permanent resident co-borrower. |
| Enrollment Requirement |
Half-time or more |
| Annual Borrowing Limits |
Cost of attendance less financial aid ($500 minimum). |
| Repayment Expectations |
Principal deferred and interest accrued and capitalized at repayment. Monthly payment of Principal and Interest thereafter. |
| Repayment Term length |
-Up to 20 years
-Up to 25 years (over 40K) |
| Cosigner Requirements |
A student may borrow without a cosigner but must be credit-worthy. |
| |
M & I Bank
M & I Alternative Student Loan |
| Phone |
1-866-551-8070 |
| Website (online application) |
www.mibank.com/studentloans |
| Eligible Borrower |
-U.S. citizen or permanent resident
- Non citizen with U.S. citizen cosigner |
| Enrollment Requirements |
Half-time or more |
| Annual Borrowing Limits |
-Cost of attendance less financial aid.
-$1,000 minimum |
| Repayment Expectations |
Principal deferred and interest accrued and capitalized at repayment. Monthly payment of principal and interest thereafter. |
| Repayment Term length |
-Up to 20 years
-Up to 25 years (over 40k) |
| Cosigner Requirements |
Cosigner typically required |
| |
TCF Bank
Signature Student Loan |
| Phone |
1-800-695-3317 |
Website (online
application) |
www.salliemae.com/signature/tcf) |
Eligible Borrower
|
- U.S. citizen or permanent resident
- Non U.S. citizen with U.S. citizen cosigner |
Enrollment
Requirements |
Enrolled at least half time |
Annual Borrowing
Limits |
Cost of attendance less financial aid (Minimum $500) |
Repayment
Expectations |
Principal deferred and interest accrued and capitalized at repayment |
Repayment Term
length |
Standard repayment term is 15 years |
Cosigner
Requirements |
A student may borrow without a cosigner but must be creditworthy |
| |
Student Loan Xpress
Undergrad Student Loan |
| Phone |
1-888-748-9947 |
Website (online
application) |
http://www.slxpress.com/school/winona/ |
Eligible Borrower
|
Any student enrolled at least half-time at an eligible school |
Enrollment
Requirements |
Enrolled at least half time |
Annual Borrowing
Limits |
Cost of attendance less financial aid (Minimum $1000) |
Repayment
Expectations |
Principal deferred and interest accrued and capitalized at repayment |
Repayment Term
length |
Up to 20 years |
Cosigner
Requirements |
If you are a student with a positive credit history, you may apply for a loan on your own, without a cosigner. If you have little or no prior credit history, a cosigner will be required. A cosigner release option is available after 48 months of on-time payments upon request. |
| |
Student Loan Xpress
Grad Student Loan |
| Phone |
1-888-748-9947 |
Website (online
application) |
http://www.slxpress.com/school/winona/ |
Eligible Borrower
|
Any student enrolled at an eligible graduate school |
Enrollment
Requirements |
Enrolled at least half time |
Annual Borrowing
Limits |
Cost of attendance less financial aid (Minimum $1000) |
Repayment
Expectations |
Principal deferred and interest accrued and capitalized at repayment |
Repayment Term
length |
Up to 20 years
|
Cosigner
Requirements |
If you are a student with a positive credit history, you may apply for a loan on your own, without a cosigner. If you apply with a cosigner, you will receive a lower interest rate. A cosigner release option is available after 48 months of on-time payments upon request. |
| |
Student Loan Xpress
Career Xpress Loan |
| Phone |
1-888-748-9947 |
Website (online
application) |
http://www.slxpress.com/school/winona/ |
Eligible Borrower
|
Any student enrolled at an eligible school |
Enrollment
Requirements |
No attendance restrictions; students attending less than half-time are eligible |
Annual Borrowing
Limits |
Cost of attendance less financial aid (Minimum $1000) |
Repayment
Expectations |
Principal deferred and interest accrued and capitalized at repayment |
Repayment Term
length |
Up to 20 years |
Cosigner
Requirements |
Apply without a cosigner, based on your own good credit |
|
Student Capital Corporation
SCALE Loan |
| Phone |
1-877-7000-SCC |
Website (online
application) |
http://www.studentcapital.net//schoolpages/winonastate.aspx |
Eligible Borrower
|
U.S. citizen or an eligible noncitizen with an INS 151 or I-551 Non citizen with U.S. citizen co-borrower |
Enrollment
Requirements |
At least half-time |
Annual Borrowing
Limits |
Cost of attendance less financial aid. |
Repayment
Expectations |
No payments required until six months after graduation or leaving school. |
Repayment Term
length |
Flexible repayment options. |
Cosigner
Requirements |
Credit-ready borrowers can apply without co-borrower. |
| |
College Loan Corporation
CLC Premier Loan |
| Phone |
1-800-892-1588 |
Website (pre-approval)
Website (application) |
www.collegeloan.com/premier
http://www.collegeloan.com//schoolpages/winonaalt.aspx |
| Eligible Borrower |
US Citizen or eligible non-citizen with an INS 151 or I-551
card.
International students must apply with an eligible US citizen
co-borrower. |
|
Enrollment
Requirements |
At least half-time |
Annual Borrowing
Limits |
Up to $40,000 each year, minus any other aid received. Can
be used to cover past balances incurred within the year. |
|
Repayment
Expectations
|
No payments required until six months after graduating or leaving school. Interest capped once at repayment. Combined billing with federal loans available. |
Repayment Term
Length |
Flexible repayment options of up to 25 years depending on
loan balance, no penalty for early repayment. |
Cosigner
Requirements |
A student that is "credit ready" can apply without co-borrower.
Typicaly lower rates and fees are associated when utilizing
a co-borrower. Co-borrowers release eligibility is available after
ANY 24 consecutive, on-time payments. |
|
Last Modified: Wednesday, March 07, 2007 12:36 by Cynthia Groth
|
