West Virginia University

Private Student Loans

Private (or Alternative) Loans

These loans are from private lenders, banks, colleges, universities and other lenders that do not rely on the federal government as a guarantor (meaning they, not the government, are ultimately responsible for any losses if the student defaults). If you have borrowed the maximum amount available through federal loans and still need more, a private loan can help cover the cost of attendance. Just because you're eligible for a certain loan amount does not mean that you have to borrow the entire amount.