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Alternative Loans

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The Financial Aid and Scholarship Office helps you obtain funding for your higher education. Financial aid includes scholarships, grants, tuition waivers, work study and loans.

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    Alternative Loans

    Alternative loans - also called "private" loans - are loans from a lending institution; they are not part of the federal government's guaranteed student loan programs.  Based on current interest rates, if you, or your co-signer, have excellent credit, you may find these loans to be a less expensive option than the federal loans.  Use the Alternative Loan Comparison chart and other resources to choose the loan that best meets your needs.  It is always important to research your eligibility for scholarships, grants, and employment before taking out a loan.

    Eligibility

    Students who are enrolled, meet EWU's Satisfactory Academic Progress requirements, pass a credit check with their lender, and have not already funded their full cost of attendance with other aid sources are eligible to apply.

    Interest Rate and Fees

    The interest rates and fees vary by lender and credit rating.

    Important Considerations

     Credit Checks and Scores

    Lenders use credit scores to make credit decisions to determine which applicants are likely to repay their loans on time. Credit scoring is calculated using many pieces of your past bill history. The way a person managed credit in the past is often a good indication of how they will manage credit in the future. Therefore, your credit score is like a snapshot of your level of credit risk at a particular time. So, give yourself the credit you deserve. Pay your bills on time and avoid applying for too many credit accounts. It is a good practice to periodically monitor your own credit report. You may obtain a copy of your credit report by contacting any or all of the three major credit reporting agencies: Equifax 800.685.1111, Experian 888.397.3742, or TransUnion 800.888.4213.

    Alternative Loan Lender Information

    The Financial Aid and Scholarship Office at Eastern Washington University does not endorse or recommend lender selection for alternative loans. For your assistance in determining which lender is right for you, we have listed all lenders that have been used by EWU students within the last three years. This is not a preferred lender list nor does it represent every lender participating in alternative loans.

    Students are encouraged to apply for alternative loans with a co-signer because this often means a better chance of approval and a lower interest rate.

    Once you have been approved by a lender to borrow through their program, the lender will contact the Financial Aid and Scholarship Office for certification of the loan.  The amount you receive cannot exceed the cost of attendance minus other aid.

    Lenders

    Loan name

    Phone

    Apply Online

    Alaska Student Loan Corp

    Alaska Supplemental

    *Alaska residents only

     

    800.441.2962

    Akadvantage.alaska.gov

     

    Discover

    Certified Private

    *requires half-time enrollment

    877.728.3030

    Discover.com

     

    Sallie Mae/AMS

    Smart Options

    888.272.5543

    Salliemae.com

     

    Wells Fargo 

    Collegiate

    800.658.3567

    Wellsfargo.com

     

    GESA

    Student Choice

    877.308.7868

    Gesa.org

     

    SunTrust Bank

    Custom Choice

    866.232.3889

    suntrusteducation.com

     

    Contact Information

    Financial Aid and Scholarships
    102 Sutton Hall
    Cheney, WA 99004

    phone: 509.359.2314
    fax: 509.359.4330

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