Alternative Loans

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Alternative student loans can be used if you have received the maximum in all other programs. Less than half-time matriculated students and non-matriculated students who are in Academic Progress failure and/or are waiting for financial aid funding can apply for this type of loan. “Once you have completed the loan application from the lender, approved loans will take up to 15 business days or more for processing." All students who apply for an alternative loan after February 14, 2010 must complete the Private Education Loan Application Self Certification. This form must be submitted to your lender. To view your cost of attendance and estimated financial award please log on to your WPConnet account.

Who Can Borrow?

  • Students (and parents) who are U. S. citizens
  • Permanent U. S. residents
  • International students are eligible with a credit worthy cosigner (who must be citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation
  • Non-matriculated students, only in special cases** 

Federal Aid First

Completion of the Free Application for Federal Student Aid (FAFSA) is required to determine your status for any student financial aid for which you are eligible. Private loans should only be considered after state and federal sources of financial aid have been utilized. Before opting for a private loan, review information for the Parent Loan for Undergraduate Students (PLUS). William Paterson University participates in the William D. Ford Federal Direct Loan Program. 

Should you choose a private loan to fund educational expenses, please consider the following:

  • Do not apply for your alternative loan more than 90 days prior to the beginning of the semester for which you are applying. Otherwise, your credit check may run out and the loan will not be valid at the time of disbursement.
  • Choose one lender that fits your needs best and stick with them! Multiple applications will significantly delay the processing of your loan.
  • Schedule ALL of the courses you plan to take BEFORE you apply for your loan to assure your loan is certified for the correct amount. Increases may not be possible after the loan is certified.
  • A separate loan application is required for summer session(s) and for each award year.
  • Use only valid loan term dates. Invalid loan term dates may delay certification of your loan.

                                                               For Example:    

Period For Which Loan Is Needed                 Loan Term Date 
          Fall & Spring Semester                  September - May
             Fall Semester only              September - December
            Spring Semester only                     January-May
              Summer Session                     May-August 

Remember, a private loan is an agreement between the borrower and the lender. The borrower is responsible to carefully manage his/her educational loans. Many lenders offer on line account management to allow the borrower to check loan status, view disbursement information, and monitor loan balances.