Western Illinois University: Macomb Campus
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Private Alternative Loans
PLEASE NOTE: Private loan applications for Summer 2014 should not be submitted until after April 1, 2014. Private loan applications for the 2014-15 school year should not be submitted until after June 1, 2014.
Private education loans, also called alternative loans, are offered by banks and lending institutions as an additional source of funding for higher education. These loans are not part of the federal loan program, but they are an additional option after all other financial aid resources have been exhausted. When reviewing all of your family's options to pay for school, you may want to compare the Federal Parent PLUS Loan vs. private student loans using Sallie Mae's Understanding Gap Financing Options: PLUS Loan for Parents and Private Student Loans.
Please keep in mind that while a cosigner may not be initially required to apply for a private loan, some applicants may be required to provide a cosigner for final loan approval. If you are considering a private education loan, you are encouraged to review our Preferred Lender information and WIU Preferred Lender List. The WIU Financial Aid Office will process alternative loans for ANY lender selected by a student.
Remember - borrow only what you need! Student's may borrow up to their cost of attendance minus any other financial aid (e.g. loans, scholarships, waivers, etc.).
Private student loans are not eligible for Federal Direct Loan Consolidation - however, lending institutions do offer private consolidation loans.