Southwestern Oklahoma State University

Student Financial Services

Phone: 580.774.3786

Fax: 580.774.7066

sfs@swosu.edu

Loans

Family Loan Programs | Common Loan Questions | Deferment | Delinquency and Default | Forbearance | Merging and Extending | Parent Loans | Alternative/Private Loans | Entrance/Exit Interviews | Rights and Duties | Lender Selection | Loan Comparison

Alternative/Private Loans

When your financial aid doesn’t add up to the money that you need to help you through school, there are other options that may be available to help you with continuing your education at Southwestern. Alternative loans are a last resort. They are designed to fill the gap, to possibly help you stay in school. Their interest rates and repayment features are usually not as attractive as the federal Stafford Loan. These loans in addition to other resources may not exceed the students cost of attendance as calculated by the Financial Aid Office.

Alternative loans, or signature loans, are loans designed for you to borrow in your own name. They are based on your credit history. The credit history check helps you to know if your credit is good enough on its own, or if a co-borrower is needed. When a lender performs the credit check, it could lower your credit score, so you should research the lender choices and their qualifying criteria before making application.

Some questions to consider asking lenders before applying for an Alternative or Signature loan:

  • Do you have a loan Pre-approval option? If so, will this affect my credit score?
  • Do I have to be making Satisfactory Academic Progress to qualify for the loan?
  • What is the current interest rate?
  • How often is the interest rate adjusted?
  • Does the interest rate have a maximum rate it will not exceed, or cap?
  • Are there any processing or repayment fees associated with this loan?
  • What repayment options and incentives are available?
  • If I have to use a Co-Borrower, is there a release option for them after a certain time period?

This is a current list of Private/alternative lenders who have made loans available to SWOSU students over the last 4 years. There may also be other lenders who will provide alternative loans while you are enrolled at SWOSU.

When you are ready to apply, click on the Lender of your choice listed below and follow the online application process.

Alternative Loan Lenders commonly used at SWOSU:
Chase 866-306-0868
Farmers National Bank of Osborne 785-346-2147
Discover Students Loans 877-728-3030
Nelnet Academic 877-804-3603
Sallie Mae 888-272-5543
Wells Fargo 800-658-3567

If you have any questions please contact Alex Tourian, located in the Stafford Building , Room #222 on campus, (580) 774–3022.