Private/Alternative loans are available to students who are not eligible for financial aid or who need additional funds to meet their educational expenses. Your eligibility is determined by the cost of attendance minus other financial aid/resources, and/or the annual loan maximum amount determined by your loan lender.
Because alternative loans are not guaranteed by the federal government, they must be insured privately. In most cases, this extra cost is passed to the borrower in the form of higher fees and interest rates. In addition, the lender will review your credit history, as well as other factors, to determine whether or not they will lend to you. You may be denied by one lender and approved by another because of the different ways they interpret your information.
Wichita State does not endorse any specific loan lenders; however, we offer a list of lenders that students have used over the past 2 years. This list provides some comparison information for interest rates and terms, but we encourage to be diligent in your search for the best loan for you. The list can be viewed at https://www.elmselect.com/v4/school/669/program-select.
Certifying approved alternative loans for the upcoming academic year will begin in July and will take up to 3 weeks for processing. Students must be enrolled for the loan to be certified and processed. After the loan is processed, students will be able to see the loan amount on their Financial Aid Dashboard.
International Students
International Students who apply for a private loan: Processing will not begin until July for the upcoming year. Processing may take up to 3 weeks. Students must be enrolled for the loan to be certified and processed.
For additional information, please visit wichita.edu/altloan.