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 Graduate PLUS 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 website ease of use and other technology 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.
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:
Cost of attendance: an estimate of tuition and fees, room and board, transportation and other costs for the period of enrollment covered by the loan. You may obtain your cost of attendance at anytime on Pipeline or from the financial aid office.
- 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.
To view your cost of attendance and estimated financial assistance figures:
- Log in to Pipeline and click the Financial Aid tab at the top.
- Click "My Award Information" for the "Award Overview" page with the figures you will need.