Wayne State University

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Alternative Loan Programs

Alternative Loans are credit-based, private student loans. With an alternative student loan, you may borrow up to the full cost of your education, less other aid. Alternative loans generally have higher interest rates and fewer repayment options than federal loans.

Alternative loans can be more expensive than Federal Stafford, Federal Perkins, Federal Graduate PLUS and should be considered only when all other eligibility has been exhausted.

Lender Options

Lenders that offer alternative/private student loans vary in the interest rates and terms available.

Alternative loan comparison - ELM Select Loan Comparison Tool

You have the right to borrow from any lender. You should compare alternative loan lenders to determine which lender best meets your needs. Wayne State University has no financial interest in a student’s choice of lender. You may use the ELM Select Loan Comparison Tool to compare lender terms, rates, and repayment options.
The ELM Select Loan Comparison Tool includes lenders who provided 10 or more loans to Wayne State University students for the 2016 calendar year. This list does not imply endorsement, is reviewed periodically and can be changed at any time. 

Private Education Loan Applicant Self-Certification Forms

Private loans lenders are required to provide loan disclosures to borrowers. They are also required to collect additional information from you on a Private Education Loan Applicant Self-Certification Form, which includes the following:

  • Estimated financial assistance: all federal, state, institutional (school), private and other sources of aid. Your estimated financial assistance may be obtained at anytime on Pipeline or from the financial aid office. If the loan you are currently applying for has already been listed as an award, do not include it as current aid on the self-certification form.
The Self-Certification Form should not be submitted to the Financial Aid Office. It is filled out by the student and submitted directly to the lender.

 To view your cost of attendance and estimated financial assistance figures:

  1. Log in to Academica
  2. Click "My Award Information" for the "Award Overview" page with the figures you will need.