A private student loan is a credit-based loan issued by a bank, credit union, or online lender rather than the federal government. Students should first consider federal aid, including Direct Unsubsidized and Grad PLUS loans, if eligible. Federal loans generally offer fixed rates set by statute, income-driven repayment, deferment and forbearance options, and eligibility for federal loan forgiveness programs that most private loans do not offer.
How will I know if I need a private loan?
After completing the Free Application for Federal Student Aid (FAFSA®), students will receive a Financial Aid Offer, which may include a Federal Direct loan(s). Students who need additional financial assistance may consider the many private student loan options available.
How much can I borrow?
Students may borrow a private student loan up to their remaining cost of attendance after other financial aid awarded. Because private loan eligibility can vary, students should contact the Office of Financial Aid to confirm the maximum amount they may borrow. Students are encouraged to apply for the total amount needed for the academic year, which will be disbursed equally at the start of each term. Students should allow several weeks for the loan to be certified and processed.
What is a preferred lender?
The Office of Financial Aid has reviewed private education lenders and identified at least three lenders to be included on the WMed preferred lender list. As of August 2026, these lenders have been included on the preferred lender list because they offer private loan products that meet expected quality standards. The list is developed based solely on objective criteria and in the best interest of our students.
Borrowers are not restricted to the lenders presented on the preferred lender list. WMed will not direct a student borrower to any specific lender. Borrowers may choose any lender and follow their application process.
WMed does not receive inducements or incentives from any private lender and WMed does not have exclusive relationships or agreements with any of the preferred lenders. WMed and its employees do not accept gifts, revenue-sharing payments, or other considerations from any lender in exchange for placement on the preferred lender list, in accordance with the Higher Education Opportunity Act of 2008 and Department of Education regulations at 34 CFR 601.21. Staff are required to disclose any personal or financial relationship with a lender and to recuse themselves from related decisions. WMed adheres to a Code of Conduct for Student Loans that defines ethical practices and prohibits inducements or incentives by private lenders.
Compare Private Loan Options
Student borrowers can review the WMed preferred lender list and should gather information from other lenders to determine the best option. WMed utilizes ELMSelect, a free private loan product comparison tool, to present the lenders on our preferred lender list. Compare the preferred lender options by visiting:
Disclosures and the Application Timeline
Once an application is submitted, the lender is required to provide a series of Truth in Lending Act disclosures, including an approval disclosure with the borrower’s specific rate and terms, and a final disclosure after the loan is accepted. Federal rules give borrowers a right to cancel the loan for a period of time after accepting it and before it's disbursed. Check the lender's disclosure for the exact number of days that applies to the loan.
Obtain the Private Education Loan Applicant Self-Certification Form from the lender or print it and complete Sections 2, 3, and 4. Return the completed form to the lender; do not submit it to the Office of Financial Aid.