Office of Student Financial Aid

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FAFSA 2018
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Private/Alternative Loan

Alternative/Private Loans are non federal loans from outside sources such as a bank or other lending institution that does not require the completion of a Free Application for Federal Student Aid (FAFSA) and should be utilized as a last resource when grants, scholarships, and federal loans have not met the estimated cost of attendance.

Alternative/Private Loan programs differ from Direct Stafford Loans because annual and cumulative loan limits are higher; interest rates are variable and change on a quarterly basis; loans and interest rates are based on credit approval and is not guaranteed; loans are not federally guaranteed therefore they do not have the same deferment, cancellation, and consolidation benefits. The terms and conditions of this loan can vary among lending institutions. Students are advised to contact lenders directly for detailed information on individual loan products and compare loan programs before choosing a lender. ECU Office of Student Financial Aid will certify an alternative loan through any lender.


Application Process

  1. Review all lenders and determine which loan program best meets your needs.
  2. Obtain the appropriate loan application, read thoroughly, complete accurately, and submit to the lender. Mistakes on the application will create processing delays.
  3. Supply the lender with all requests for supporting documentation.
  4. Once processed and approved the lending institution will forward information to ECU for certification. All credit decisions are made by the lender.
  5. Allow two weeks for ECU to verify and certify your application. We strive to process all application as quickly as possible, however, during peak processing times it can take the full two weeks.
  6. The entire process from start to finish can take a minimum of 30 days.


Alternative/Private Loan Lenders

Discover Student Loans offers private student loans to assist students with their college education.

Sallie Mae offers the following private student loans: SMART Options Student Loans for Undergraduates, Graduates Loans, Health Profession Loans, and Medical and Dental Loans. 

Wells Fargo offers the Wells Fargo Collegiate Loan, Well Fargo Graduate Loan, and the MedCap Alternative Loan for Health Professionals.