Private Loans

DISCLAIMER FOR ALL PREFERRED LENDER LISTS

The lenders list on WPI's Office of Financial Aid website and on printed materials are recommendations only and students have the option of using these lenders or they may elect to use lenders of their own choosing. The list is a historical survey of lenders our students have borrowed from in the past 5 years.  WPI is in no way induced to choose any of the lenders appearing on their lists.  Students are encouraged to maximize their federal loan borrowing (subsidized and unsubsidized Stafford loans) before using alternative / private loans, and Parents are encouraged to compare the Federal PLUS Loan to the alternative / private loan options they may are considering.

WPI uses ELM SELECT as a tool to provide students and parents with information about alternative / private loans our students have used in the past.  ELM SELECT allows you to compare several items such as loan rates, length of repayment, monthly payment amounts, etc.

  • Students from Minnesota, Montana, North Dakota, South Dakota, Wyoming, and Wisconsin are eligible to borrow a Bank of North Dakota (BND) DEAL student loan.  BND does not list their product on ELM SELECT for WPI because of the small number of students that may be eligible.  If you are a resident of one of these states and are interested in information about the BND DEAL student loan please visit BND's website directly

Below is a list of frequently asked eligiblity topics and the lenders that will provide loans to students with those criteria:

 

Who can I borrow from if I'm enrolled less than half time?

  • RISLA (need to be a resident of Rhode Island), Sallie Mae and Wells Fargo  

Who can I borrow from if I'm not making Satisfactory Academic Progress?

  • Citizens Bank, EDvestinU, PNC, RISLA (need to be a resident of Rhode Island), Sallie Mae, Sun Trust, Union Federal Bank, and Wells Fargo

Who can I borrow from if I'm in a certificate program?

  • RISLA (need to be a resident of Rhode Island), CHESLA, PNC, Sallie Mae and Wells Fargo offer some programs depending on degree type.  Please refer to lender website for further details

Who can I borrow from if I owe a past due balance?

 The lenders listed will allow for borrowing of past due balances.  Length of time since balance was due and current enrollment status can vary, please refer to lender websites for further details.

  • CHESLA (must be a resident of CT), Citizens Bank, CuScholar/Lendkey, EDvestinU, MEFA, PNC, Sallie Mae, Sun Trust, Union Federal Bank, and Wells Fargo.

 To find information about these and other alternative / private loans in our list please visit our ELM SELECT page.

 
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