Process My Alternative Loan
Alternative student loans are meant to provide additional funds only after you have applied for federal financial aid. Alternative loans often have high interest rates and expensive loan fees. For those reasons we highly recommend all students and families apply for federal financial aid before applying for an alternative loan.
Use the "Loan Comparison Chart " to determine if this type of loan is the right choice for you.
In order to have an alternative loan processed by UW-River Falls you must do the following:
- Complete the Free Application for Federal Student Aid (FAFSA)
- Utilize all resources available from federal and state sources.
- Review the lender list below and select a lender and do the following; or
if your lender offers an alternative loan you can most likely apply for the loan directly from their website. They will forward your application to our office after your loan has been credit-approved and you have signed (or "e-signed") the promissory note. Your lender can provide you with current interest rates, processing fees and cosigner requirements.
- Click the lender's logo (below) and apply online for the alternative loan
- Complete all required paperwork with the lender you have selected.
Once you have completed the steps above and a signed promissory note is in place, the lender will send UW-River Falls an electronic "Request for Certification". Upon receipt of this request UW-River Falls will certify the loan. The lender will then submit the loan proceeds electronically to the school, per the disbursement dates specified in the certification. The funds will be credited to your account after they are receieved from the lender.
Things to keep in mind when applying for alternative loans:
- If you have begun an application for regular financial aid, we will process your alternative loan ONLY after you have been offered and have accepted or declined your regular financial aid offer; this assures you'll receive the best aid package possible.
- The amount of the loan is usually limited to the cost of attendance minus other aid.
- Interest accrues on alternative loans from the date of disbursement, although actual repayment does not begin until 6 months after the student graduates or, in some cases, drops below halftime status.
- Interest and principle payments are usually deferrable until the student is enrolled for less than halftime credits.
- All alternative student loans are based on credit history and most will require a co-signer if the student has little or no credit history. Co-signers are encouraged for all borrowers because it may help reduce interest rates and processing fees, and it improves the chances the loan will be approved.
- Many alternative loan programs require the student to meet satisfactory academic progress.
- Each loan program offers various repayment incentives to consider.
- International students can borrow from most alternative loans if they have a credit worthy co-signer who is a US citizen.
To select a lender "click" on the lender's logo (below)
** The amount of the loan you request will be divided equally between fall and spring semesters. **
| |
Fees |
Interest
Rate |
Repayment Terms |
Benefits |
Requirements |
| |
|
|
Interest begins to accrue at the time of disbursement. It is recommended that you pay the interest while in school to decrease the total cost of the loan. |
|
|
CitiAssist |
None |
Prime + .375% - 4% |
- Undergraduate – up to 12 years
- Graduate – up to 15 years
|
- 25% interest rate reduction for auto pay
- .50% interest rate reduction after 48 consecutive on-time monthly payments
- Less than half-time accepted
- Funds can be used to cover balances incurred within the last 12 months
- Co-signer release option after 48 consecutive on-time monthly payments
|
- U.S. citizen or permanent resident must be creditworthy or provide a creditworthy U.S. citizen or permanent resident co-signer.
- International students are required to have a U.S. citizen or permanent resident co-signer
|
U.S. Bank No Fee Education Loan or GAP
|
No Fee: None
-----------
GAP: 4% or 8% based on credit |
No Fee: Prime + 0% to Prime + 3.95% depending on credit
---------------
GAP: 91 day T-bill +2.5% during interim. 91 day T-bill + 3.5% during repayment |
- Repayment begins 6 months after graduation.
- Repayment term is 15 years.
|
- 0.50% interest rate reduction for autopay.
|
- U.S. citizen or permanent resident.
- Non citizens may apply with citizen co-signer.
- May be attending less than ½ time.
- Need not be making satisfactory Academic Progress.
- Look Back: May apply for previous term balances within 6 months
|
Collegiate Loan |
None |
Prime rate + 0%, 1.50%, 3.50%, or 4.50% based on credit |
- Repayment begins six months after graduating or ceasing enrollment
- Up to15 years to repay
|
- 0.50% interest rate reduction with automatic payments from a Wells Fargo checking or savings account (or 0.25% from a non-Wells Fargo account)
- 0.50% interest rate reduction after making the first 48 consecutive monthly payments on time.
- Cosigner release option available after the first 24 consecutive on-time monthly principal and interest payments
|
- Undergraduate or graduate student enrolled full-time, half-time, or less than half-time in an eligible program
- Established, positive credit history and income stability sufficient to meet debt obligations or a qualified cosigner
- U. S. citizen, permanent resident, or international student; permanent and temporary residents must have U.S. citizen or permanent resident cosigner
|
