Choosing how to finance your education is one of the most important decisions you will make and the impact of that decision will follow you well beyond graduation. Once you have exhausted your eligibility for federal and state financial aid and loans, you may need to consider applying for a private educational loan, also called an alternative loan. These loans are not federal student loans. They are offered by private lenders and are used to supplement your financial aid.
Every alternative loan program is different. In an effort to help you make informed choices, we have created an alternative lender worksheet that will help you select the private lender that is right for you.
WMU will certify a private, alternative loan from the lender of your choice.
When determining how much to borrow, plan to borrow as little as possible. The long-term cost is an important factor. If you have questions regarding financial aid, please contact Bronco Express. For more information about a particular private alternative loan, please contact the lender.
preferred Lender List
WMU has identified private lenders to appear on our Preferred Lender List through ELMSelect. By visiting ELMSelect, you will be able to compare various loan options from these lenders and apply for loans utilizing the ELMSelect website. WMU will work with any other lender of your choosing, but you will need to contact them directly.
Lender Selection Policy Disclosure
The lenders and loan options presented in ELMSelect were selected for the excellent terms and benefits they provide to borrowers. We review the lender's interest rates and fees, borrower benefits, loan options available to students, high standards in customer service and importance in financial education. All of the information provided on the Loan Options page is reviewed every 3 years to ensure that the benefits that the lenders offer continue to adhere to our criteria. Any loan options that no longer adhere to our criteria are removed and new loan options are added. At least two lenders will be presented to you at all times. You are free to choose any lender, including those not presented. Application processing will not be delayed unnecessarily if you choose a lender not presented. Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in ELMSelect. Prohibited activities include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution's financial aid office; allowing lenders to place our institution's name or logo on any of their products; and owning of lenders' stock (for college officials who make financial decisions for our institution).