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Private Education Loans

Private education loans, also known as alternative education loans, can help bridge the gap between the actual cost of your education and the amount of financial aid you have received. Numerous banks and credit unions offer these loans, and they are based on creditworthiness. Most lenders require a creditworthy cosigner for approval of loans for undergraduate student applications.

Private loans are not federally insured. Since federal loans typically are less expensive than and offer better terms than private loans, students should exhaust their eligibility for federal loans before resorting to private loans. Private loans must be added to a student’s financial aid award, and cannot exceed a student’s cost of attendance. There are private loans available to both students and parents. 

Whitworth has compiled a list of lenders from whom Whitworth students/parents have borrowed in the past three years. You may select ANY lender you wish, whether it is on this list or not. You can access this list, through the FASTChoice website, and compare these lenders here:


Application and Disbursement Process:

  • Student applies directly with the lender of their choice, typically online.
  • If approved by the lender, the lender will send an electronic request to the Whitworth Financial Aid Office to certify the loan. Then the loan will be added to the student’s financial aid award.
  • The loan will be scheduled to disburse according to the number of terms the loan is based on. The funds will transfer to the student’s Whitworth account at the beginning of the term, or if the term has already begun, about two weeks after it has been certified by Whitworth. (If you are considering an alternative private loan for a study-abroad program, please consult with your financial aid advisor regarding disbursement options.)

All private lenders will require you to submit a completed Private Education Loan Applicant Self-Certification Form in order for them to process your loan application. Most lenders will provide their borrowers with their own form. However, if you find you need one, please print this Private Education Loan Applicant Self-Certification Form, complete it and forward it to your lender.