Student Loans

Private loans may be available to you and your parent/guardian. Private loans are offered through a lending institution and are not a part of federal student aid programs. Interest rates and fees for private loans vary between lenders and are typically based on the credit of the borrower and cosigner. It is the responsibility of the student to research and understand the implications of borrowing an alternative educational loan. Keep in mind that private loans, along with other aid and educational resources, can never be more than the cost of attendance.

We strongly encourage students to first file a Free Application for Federal Student Aid (FAFSA) to determine their eligibility for federal student loans before considering private loan options. Federal student loans may have terms and conditions that are more favorable. To compare alternative loan lenders, Wayne State College uses ELM Select. This allows students to compare various alternative loans. This is a historical listing of lenders used by our students. Students are encouraged to compare these loans with one another, as well as with alternative student loan products offered by other lenders. Students have the right to use a lender that is not listed at ELM Select.