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.
- Information about the advantages of federal loans over private loans.
- Guide to Private (or Alternative) Loans
Alternative loans can be more expensive than Federal Stafford, Federal Perkins, Federal GradPLUS and should be considered only when all other eligibility has been exhausted.
Lender Comparison Worksheet
You may use this loan comparison worksheet to compare lenders terms, rates, and repayment options. You may also want to consider their customer service, their Web site ease of use and other technology options.
Lender Options
Lenders that offer Alternative/Private Student Loans vary in the interest rates and terms available. Some require repayment while enrolled. Others have different interest rates for students in JD or LLM programs as compared to undergraduates or students in other fields of study. Below are links to some borrowing sources. 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 Law School has no financial interest in a student’s choice of lender.
- Lender Selection Options and Information
- Credit Union Private Loans
- Student Choice Credit Union Private Loans