Alternative Loans

After exhausting all federal and family resources, some students may need to apply for an alternative student loan to pay for educational expenses. Below is a list of lenders offering private educational loans that have been utilized by our students within the past three years.

This is not a comprehensive list of all the educational loans available to you. You are not required to select one of these lenders. Inclusion on this list is not an endorsement or recommendation by Wentworth Institute of Technology. You are strongly encouraged to exhaust your federal borrowing options if eligible, (Stafford Loans, PLUS loans, and Perkins Loans) before you consider private loans, as the terms and conditions of federal loan programs may be more favorable than the provisions of private education loans. Each lender's loan programs may have different requirements. Be sure to check with your lender regarding the loan programs you qualify for that best suit your needs. All loans, except Federal Stafford loans, are subject to credit approval.

To compare loan options from the following lenders, visit: https://borrowsmart.afford.com/

Alaska Student Loan Corporation

MEFA

AmeriCU Credit Union

Member's 1st Federal Credit Union

Bridgewater Credit Union

Millbury Federal Credit Union

CEFCU

MIT Federal Credit Union

Chartway Federal Credit Union

NJCLASS

CHESLA

NMTW Community Credit Union

Citizens Bank/Charter One

PNC Bank

CommunityCorePlus Federal Credit Union

RBS Citizens Bank, NA

cuStudentLoans

Rhode Island Student Loan Authority

Digital Federal Credit Union

RTN Federal Credit Union

Discover Student Loans

Sallie Mae Ed Trust Thru Sallie Mae Bank

Energy Credit Union

Sallie Mae International thru Sallie Mae Bank

Everett Credit Union

Scient Federal Credit Union

Fifth Third Bank

Shrewsbury Federal Credit Union

First Technology Federal Credit Union

Southern Mass Credit Union

Fynanz

SunTrust Bank

Hingham Federal Credit Union

UMass Five College Federal Credit Union

Holy Rosary Regional Credit Union

Union Federal Savings Bank

Liberty Bay Credit Union

Vermont Student Assist. Corp. Srvcr.

Maine Education Loan Authority

Wells Fargo EFS

MassMutual Federal Credit Union

Workers Credit Union

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Student Requirements for Private Educational Loans

Effective February 14th, 2010, lenders have new requirements for processing and disbursing private education loans. Check with your specific lender regarding their process (i.e. online or paper) for certification and disbursement. For your convenience, we have listed some of the requirements below.



1. Self-Certification Form: Student borrowers are now required to complete a Self-Certification Form for each loan application they submit, and return it to their lender as part of the loan application process. Each lender will likely provide you with a copy of this form; or download the form using the above link. Most lenders recommend that you use the form they provide. All Self-Certification forms should be sent to the student’s specific lender and NOT the Office of Student Financial Services. The Self-Certification form requires you to report your cost of attendance and estimated financial assistance in Section 2. Your cost of attendance and financial assistance can be found on L-connect in Leopardweb. Go to the Financial Aid tab, choose Financial Aid Status and the click on the Award tab.

2. Active Acceptance of Loan: Student borrowers are now required to “actively accept” the terms of their loan approval before their school will be notified that school certification is required. The lender’s terms for how to “accept” the loan terms can be found on the private loan approval disclosure form that they will provide to the borrower.



3. Right to Cancel: Borrowers and/or cosigners have the right to cancel or rescind a loan offer within 3 business days after receipt of Final Disclosure. During this time, the lender cannot disburse loan funds. This cancellation period cannot be waived in order for funds to disburse more quickly. This may cause a delay in the disbursement of loan funds to your student account. Be sure to apply several weeks before funding is needed.

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