Applying for Private Alternative Loans
The federal regulations for the processing of private alternative loans that went into effect on February 14, 2010 added several steps to the processing of alternative loans. The borrower must be aware of the following that will slow down the process considerably.
Those students who intend to apply for an alternative loan to have a Student Accounts Hold lifted for advance registration must now start the application process at least four weeks prior to the date on which they are scheduled to register for the upcoming semester. Several steps will have to be completed before the lender will provide the Office of Student Financial Assistance with a certification form. Until we have received the funds from the lender, there will be no action that this office can take requesting that the ‘hold’ be lifted.
One of the requirements is the Private Education Loan Applicant Self-Certification Form which is completed by the student and submitted to the lender. The lender will make this form available. The information necessary to complete the form is available on GWeb. Since this is personal award information, the student will need to log in using the GW USER ID and PIN, and then will be able to access both the award and Cost of Education information. Students may also visit Colonial Central (located on the ground floor of the Marvin Center) or call us at 202-994-6620 for assistance.
Students interested in applying for an alternative loan must follow the instructions from the lender carefully. These instructions will guide the applicant step by step through the process.
In addition to the extra steps outlined above, there will be a delay of up to at least ten business days before the loan funds will be disbursed to the university and credited to the student account.