Alternative Loans

Alternative Loans are offered by private for-profit lenders to students for educational purposes.  Before students consider an alternative loan, it is important to understand that Federal Direct Stafford loans– Subsidized and Unsubsidized Stafford Loans, and Parent (PLUS) Loans should be exhausted first, because the federal programs will always have better interest rates and terms than private alternative loans.  The amount of the interest rate for your alternative loan will depend upon your credit rating (or that of your co-signer).  If your parent is willing to co-sign the alternative loan for you, they should consider applying for a Federal Parent Loan before doing so due to lower interest rates.  (The student can always make the loan payments on the Federal Parent Loan).

In seeking alternative loans, students may borrow from the lending institution of their choice based on the criteria most relevant and important to their situation. Kansas Wesleyan University does not endorse any lender, however the three listed below are the lenders most frequently used by KWU students in recent years.

Kansas Wesleyan University has established an electronic processes with the following lenders:

Discover “Certified Private Loan”

1. Apply online at www.discoverstudentloans.com
2. Sign the loan electronically with e-sign process.
3. Your co-signer can e-sign online also
4. KWU will receive notification to certify your enrollment here, therefore allowing Discover to release the funds to the school into your student account each semester.
5. To check the status of your application or to apply by phone, call 1-877-728-3030.

Sallie Mae “Smart Option” Private Loan

1. Apply online: Click here to Apply
2. Sign the loan electronically.
3. Have your co-signer sign electronically (give them the password or PIN# that Sallie Mae issued to you.)
4. KWU will receive an e-mail notification to certify your enrollment here, therefore allowing Sallie Mae to release the funds to the school into your account each semester.
5. To check the status of your application or to apply by phone, call 1-800-695-3317.

Wells Fargo “Collegiate Loan”

1. Apply online at www.wellsfargo.com/student/undergrad/collegiate
2. Sign the loan electronically with PIN# that Wells Fargo issues to you.
3. Have your co-signer sign electronically with PIN# that is issued to them as well.
4. KWU will receive notification to certify your enrollment here, therefore allowing Wells Fargo to release the funds to the school into your student account each semester.
5. The check the status of your application or to apply by phone, call 1-800-658-3567.