(Private and Non-Federal) (Undergraduate and Graduate Students)
Alternative loans are structured similar to Federal Stafford Loans and offer competitive interest rates based on credit. Quick delivery of loan funds is possible due to fast approval and rapid processing. The loans have repayment options similar to Federal Stafford Loans and offer extended repayment terms of 15 to 20 years. Of course, extended repayment terms also increase the total amount you repay!
When certifying a private student loan, UWG will include in its calculation any eligibility for federal student loans. This will be included even if you do not take out federal loans.
Example: Student applies for a private loan for $18,000. Your ‘cost of attendance’ (determined by UWG) is $18,000. Your eligibility (does not indicate amount borrowed) for federal loans is $6,500. We will certify your private loan for $11,500.
Cost of Attendance $18,000
Eligibility for federal loans -$6,500
Private loan eligibility $11,500
Alternative Loans cost more than Federal Stafford Loans due to slightly higher interest rates and guarantee fees. Since the loans can greatly increase a student's overall debt, it is possible the loans could adversely affect a student's ability to repay the loan as well as to damage a student's future credit rating.
The table at the bottom is designed to assist students in identifying Alternative Educational Loans that are available to students at the University of West Georgia. Students should proceed with caution and should be extremely careful while accessing Alternative Loan opportunities. While we have provided a list of borrowers, this does not mean that you cannot borrow from other sources. We will certify loans that are not offered through on our list and you are not required to select a borrower from the list provided below.
The University of West Georgia has looked at the following 5 criteria points before including the lenders on the list: 1. eligibility of international students, 2. eligibility if a student is less than ½ time, 3. lender providing a co-borrower release process, 4. eligibility for students not making Satisfactory Academic Progress (SAP), and 5. lender providing deferred payments to enrolled students. The following lenders were compared on the 5 before mentioned criteria: Discover, Sallie Mae, SunTrust, and Wells Fargo. The results were as follows:
|Lender||Eligibility of International Students||Eligibility of Less than ½ time students||Lender providing co-borrower release process||Eligibility for students not making Satisfactory Academic Progress (SAP)||Lender providing deferred payments to enrolled students|
|Chase||Eligible with a U.S. citizen co-borrower||Students can be less than ½ time||Offers a co-borrower release option||SAP is not required to borrow||Students can defer their payments|
|Citi Bank (now a Discover Loan product)||Eligible with a U.S. citizen co-borrower||Students required to be at least ½ time||Offers a co-borrower release option||SAP is required to borrow||Students can defer their payments if enrolled at least ½ time|
|International students not eligible||Students required to be at least ½ time||Does not offer co-borrower release program||SAP is required to borrow||Students can defer their payments if enrolled at least ½ time|
|Sallie Mae||Eligible with a U.S. citizen co-borrower||Students can be less than ½ time||Offers a co-borrower release option||SAP is not required to borrow||Students can defer their payments|
|SunTrust||International students not eligible||Students required to be at least ½ time||Offers a co-borrower release option||SAP is not required to borrow||Students can defer their payments|
|Wells Fargo||Eligible with a U.S. citizen co-borrower||Students can be less than ½ time||Offers a co-borrower release option||SAP is not required to borrow||Students can defer their payments|
|Alternative Loans||Phone Number||Website||Requires SAP||Requires ½ Time|
|Discover Student Loans||1.877.728.3030||www.discover.com/student-loans||Yes||Yes|
Should you wish to consider an Alternative Loan, you should contact the above Alternative Loan organizations to inquire about the terms and conditions of their particular type of Alternative Loan. When you have selected an Alternative Loan lender, you will apply online through that lender's webpage. Upon approval of the loan application, the lender will notify UWG for any additional information needed. In most cases, a co-borrower will be necessary to qualify.