FAQ - Loans (Private Alternative)

Why is creditworthiness important when I apply for a private alternative loan?
- It is important because your eligibility, interest rate, and some fees are determined by your credit score (and that of your cosigner if you have one).
Will applying for an alternative (private) loan affect my credit score?
- Yes, each application for an alternative loan affects a credit score by approximately 5 points. When considering an alternative loan, do your research and make sure that is the lender you wish to use before submitting an application.
Am I eligible for an additional federal student loan if I am denied a private loan?
- No, students who are denied a private student loan do not become eligible for additional loan funds.
How do I find out more information about private or alternative student loans?
- View our webpage on Private Alternative Loans for more information.

Western Illinois University