Alternative loans are private education loans for students and their families. As a general rule, students should only consider borrowing alternative loans if they are unable to obtain additional federal student loans through the Free Application for Federal Student Aid (FAFSA). This is because alternative loans typically offer higher interest rates and fees and fewer borrower benefits, such as grace periods and deferment and forbearance options.

The MI-Loan Program is an alternative loan program available to both students and parents who are Michigan residents, and it is Wayne State University's preferred alternative loan program because it offers the lowest interest rates and good borrower benefits. Click here for more information about this program and how to apply: www.miloanprogram.com

Other alternative loan programs are also available to both traditional and non-traditional Wayne State students. Traditional students are those students who are enrolled at least half time in a degree-seeking program. Click here for more information about these alternative loan programs and how to apply: Traditional Student Alternative Loan Programs

Non-traditional students may also qualify for certain alternative loans. These are students who are not enrolled in a degree-seeking program, are enrolled less than half time, or owe past-due balances. Click here for more information about these alternative loan programs and how to apply: Non-Traditional Student Alternative Loan Programs

Most alternative loans require a credit check as part of the application process. Once approved, your lender will contact Wayne State University to request that your loan be certified. After your loan has been certified, most lenders will then send the funds to Wayne State University electronically and the funds will be applied to your student account. A few lenders will send the funds to Wayne State University via paper check, which will require your endorsement before the funds can be applied to your student account.