Private Loans (also referred to as Alternative Loans) are used to help bridge the gap between the cost of your education and the amount available from state and federal financial aid programs. Private Loans may carry higher interest rates, require a co-signer, and/or offer different repayment options than federal loans. Each loan program will differ, so it is important that you know the terms and conditions of the loan, as well as your rights and responsibilities as a borrower. It is recommended that students borrow wisely. Before you could check private funds, delight make sure that you possess exhausted the you’ll government and you can county school funding loans readily available. Our office strongly recommends that students file the Free Application for Federal Student Aid (FAFSA) before applying for private loans.
Personal financing for another informative seasons are not processed prior to July. Delight remember this whenever applying for private funds.
You will need to choose a lender and apply for the loan directly using the lender’s online application on their website. You may conduct your own research and apply using any lender you wish. Our office will certify Private Loans from any lender. A co-signer is someone who signs your promissory note along with you. Of the co-finalizing your promissory mention, this person assumes on duty to the loan if you’re unable to pay it off. If you have limited or damaged credit history, applying with a co-signer can increase your chances of receiving a private loan with the most attractive terms. If you are not a U.S. citizen or permanent resident alien, you may be required to apply with a co-signer.
Once you choose a lender and apply for the loan (online or in person), the lender will notify you of the results of your credit check. If approved, your lender will notify UW-Whitewater of your loan request. Most lenders won’t notify our office until you have completed the application process and sign the promissory note. When the Financial Aid Office has all the necessary information we will certify the loan based on your cost of attendance and communicate with the lender directly to request disbursement. If a loan is certified prior to the beginning of the semester we will certify your loan as a full time student unless you request another enrollment status in writing. Please alert the place of work immediately when you’re maybe not going to be signed up fulltime. If any additional information is required, you will be contact by e-mail to your UWW e-mail account or by paper to your address on WINS.