Alternative or Private Loans


Wayne Community College no longer participates in the Direct Loan Program. To help bridge the gap after students have exhausted all potential federal and state grants, scholarships, and work-study funds. These loans are also available to students who do not qualify for federal and/or state financial aid. Student eligibility is based on credit worthiness as determined by the participating lender. Eligibility is also determined based on the school’s cost of attendance minus other financial aid or the annual loan maximum amount determined by the lender. Students are advised to borrow responsibly and to review all repayment options thoroughly.

**While there are a variety of lending options available, Wayne Community College does not recommend the services of one lender over another. Listed below is a profile of lenders selected by our students. Be advised that this information has been reviewed and is current as of July 19, 2019

NC Student Assist Loan

https://www.cfnc.org/paying/loan/alt_loans.jsp

  • Available to NC residents
  • Fixed interest rate – 5.75%
  • No application, origination, or prepayment fees
  • Borrow up to 100% of school’s cost of attendance (minimum loan $1,000)
  • Repayment deferred until 6 months after graduating or dropping below half-time enrollment

Sallie Mae Smart Option Student Loan
https://www.salliemae.com/student-loans/smart-option-student-loan/

  • Interest Rate: (VARIABLE or FIXED) Based on borrower and co-borrower (if required) credit history.
  • No origination or repayment fees
  • $1000 minimum loan amount
  • Various repayment options

Wells Fargo Career and Community College Loans
https://www.wellsfargo.com/student/community-college-loans/

  • Interest Rate: (VARIABLE or FIXED) Based on borrower and co-borrower (if required) credit history.
  • No application, origination, disbursement, or early repayment fees.
  • Generous loan limits not to exceed $15,000 per year or school’s cost of attendance.
  • Repayment begins six months after leaving school or graduating.

The PNC Solution Loan
https://www.pnc.com/en/personal-banking/borrowing/student-loan-center.html

  • Interest Rate: (VARIABLE or FIXED) Based on borrower and co-borrower (if required) credit history.
  • No application or origination fees; no early repayment penalties.
  • 0.50% interest rate reduction for automatic payments
  • No co-signer required for qualified applicants
  • Repayment may be deferred while you are enrolled in school.