Alternative Educational Financing

The Financial Aid Department office strives to meet the demonstrated financial need of Western students to afford the high cost of a college education. With certain eligibility issues and funding availability, some students may have a funding gap between their financial need and the amount of funds that federal, state, and institution aid programs can provide. Alternatives are available to help fill the funding gap.

Students should always submit a Free Application for Federal Student Aid (FAFSA) to determine their eligibility for federal, state, and institutional aid. Here are some alternatives to consider if additional funding is needed.

Employment :

The Center for Student Work Experience in Old Main 285 provides information about part-time employment for on and off campus positions. All jobs are posted in their office and on their website at www.finaid.wwu.edu/studentjobs.

Pre-payment Option :

Students have the option of directly pre-paying Western Washington University for quarterly tuition and fees. Some families find that pre-paying smaller monthly amounts over time is more affordable than making larger single payments at the beginning of each quarter. For more information, contact Student Fiscal Services in Old Main 360 or at (360) 650-2865.

Private Educational Loans :

Several banks and lending agencies offer private educational loans to credit-worthy borrowers or to borrowers with credit-worthy cosigners. These loans are not federally subsidized. Because the interest rates for private educational loans are generally higher than Federal Direct Stafford and PLUS Loans interest rates, we recommend that you exhaust your Federal educational loan eligibility before considering alternative loans. When shopping for a private loan, students need to be educated consumers. Factors to consider when searching for an alternative student loan are: the interest rate, loan origination fee, repayment terms, and approval requirements.

The WWU Financial Aid Department uses ELM Resources for processing private alternative student loans. Department personnel are prohibited from entering into revenue-sharing arrangements with lenders, steering borrowers to particular lenders, intentionally delaying loan certifications from selected lenders, or entering agreements with lenders regarding loan volume or preferred lender status. Students can view potential lenders at ELM’s website: http://www.elmresources.com. There are six lenders displayed on the lender page however there are many more lenders from which to choose in the ELM Resources Directory on the ELM webpage.

The following are the steps for applying for, and receiving a private lender alternative student loan:

Step 1: Go to https://www.elmselect.com and accept the ELMSelect Lender Comparison User Agreement.

Step 2: Select your State and the School.

Step 3: Compare specific lenders and choose which loan you would like to apply for.

Step 4: Click the “Apply Now” button next to the lender you wish to borrow from.

Step 5: Complete all requirements as requested by the lender.

Step 6: Lenders will notify Western of new alternative loan applications through ELM. Western will certify these loans.

Step 7: Funds will be electronically sent to Western within 10 days of certification

Step 8: The Cashier’s office will credit your loan funds to the bill on your Student Account at the beginning of each quarter.