Alternative Loan

Due to the various interest rates, fees and student loan indebtedness, Whittier Colleges encourages all undergraduates to have their parents apply for a PLUS loan first with the Alternative loan as a loan of last resort. To learn more about the Federal Parent PLUS Loan, click here.

Graduates - We encourage you to apply for the GRAD (PLUS) loan first with the Alternative loan as a loan of last resort.  To learn more about the Grad PLUS loan, click here.

WHO IS ELIGIBLE?

This is a private loan in the student's name. A creditworthy co-signer is recommended and may be required to keep the loan fees and interest rate to a minimum. The student and co-borrower must be a U.S. Citizen or permanent resident. International students are welcome to apply for this loan; however a creditworthy U.S. Citizen or permanent resident cosigner is required.

Although most lenders provide these loans based on at least half-time enrollment, there are a few lenders who will provide this loan to students enrolled less than half-time.

 

AMOUNT OF ELIGIBILITY:

You may borrow up to the cost of attendance minus any other financial aid received. Be advised that some lenders may limit the amount that you can borrow to assist with loan indebtedness.

 

INTEREST RATE:

The interest rate may vary depending upon the lender and the creditworthiness of the student and their co-signer.

 

DISBURSEMENT:

Your Alternative Loan funds will be sent via EFT (Electronic Funds Disbursement) and will be applied directly onto your Whittier College student account. The first disbursement will arrive in the fall semester with the second disbursement in the spring. Provided that the all financial aid requirements are complete, the Alternative loan funds will be applied to your Whittier College account student 10 days prior to the first day of class.

 

REPAYMENT:

Repayment begins six months after you graduate or are enrolled less than half-time. There is no prepayment penalty and depending upon the lender repayment terms range from 15 to 25 years.

 

HOW TO APPLY FOR AN ALTERNATIVE/PRIVATE LOAN

 

Select a lender and complete the online application. Whittier College has provided a list of lenders for the Federal PLUS Loan that we feel offer you optimal service and pricing for your loan. Please apply online at ELM SELECT. Please compare each lender's repayment benefits and conditions. You have a choice and are not obligated to select one of our lenders.

 

IMPORTANT: You have a choice and are not obligated to select one of our lenders. We recommend these lenders based on the quality of products and services they provide to students and families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, if you wish to use another lender that is not on this list, you have the right to do so. If you decide not to use a Whittier College lender, please apply online at your lending institution of choice. Make a copy of the completed MPN and send it to the Office of Financial Aid. Be advised however, that lenders outside of the Whittier College process may cause a delay in the processing and disbursement of your loan.

Once we have received notification that the Alternative loan has been approved and the application is complete, we will certify your Alternative loan.