Students whose financial aid awards do not meet their financial need may be able to borrow up to their cost of attendance from private student loan programs offered by banks and other lenders.
Alternative student loans typically require a credit check, and often a cosigner. Interest rates are usually based on the prime rate, plus a fixed percentage based on the borrower's or cosigner's credit rating. Repayment terms may offer a deferment of payment while the borrower is enrolled on at least a half-time basis.
Students with an alternative loan must pay their tuition charges when they register for classes. Registration will not be held pending payment, since alternative loan checks are mailed directly to the borrower.
See more information about private loans on the UW Financial Aid Web site.