Alternative Loan Programs

Alternative Loans - If you are unable to get enough Federal loans to cover your educational expenses, you might consider an alternative loan.

Alternative loans are based on creditworthiness, carry competitive interest rates and all vary on the amount you may borrow, the fees charged and on their terms of repayment. Ask smart questions when considering an alternative loan. These questions should include, but are not limited to:

  • What are the fees associated with the loan?
  • What is the interest rate on the loan?
  • What are the terms of repayment?
  • Do I need a co-signer?

Each lender has specific processes and requirements for qualifying for an alternative loan and verifying income as well as certifying enrollment.  Southwestern has worked with several lenders of alternative loans based on their expertise and customer service. You are welcome to choose any lender, but be sure to do your research. Visit our lender page for more information.


  1. Complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA online
  2. Complete additional paperwork required by Southwestern
  3. Receive your Official Award Letter.
  4. NOTE: If you do not qualify for other federal or state aid do not need to complete the additional paperwork, you may proceed to the next steps below.
  5. Determine the amount of loan funds you will need to pay for your College education and how much your parent needs to borrow to cover your costs.
  6. Choose your lender by accessing the list of recommended lenders or your lender of choice. Complete the master promissory note (MPN) online, indicate the amount you wish to borrow and electronically sign the note.
  7. Please allow two weeks for processing the loan application and to complete the certification process. Loan applications may be submitted starting July 1st of each year.
  8. You will sent an loan approval notice by the Financial Aid Office that the loan has been certified, the amount certified, when and how disbursement will occur each term and any other conditions required before receiving the loan funds.
  9. Loan funds will be credited to your account and any credit balance remaining will be disbursed to you at the mailing address indicated on the Master Promissory Note. Please keep the College informed of your current mailing address.
  10. Loan funds may not be certified if the student is no longer in attendance at Southwestern.

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