Wheaton College invites lenders to provide information about their products through a Request for Information (RFI) process. The Office of Student Financial Services reviews the information submitted to identify loan products that offer our families competitive rates, customer service, and borrower benefits. Our Lender List is reviewed each year and updated as necessary.

We strongly encourage all students to exhaust their federal loan borrowing options first before considering a private loan. Please refer to the Federal Student Aid website for a detailed comparison of Federal Versus Private Loans. Each lender’s loan program may have different requirements. Be sure to check with your lender regarding the loan programs you may qualify for that best suits your needs.

How Much Can I Borrow?

Educational loans must be certified by Student Financial Services to verify enrollment. We also need to verify that the loan amount remains within the student’s Cost of Attendance.

Your Cost of Attendance can be found on your award notification and on insideWheaton. To calculate your private loan eligibility, take your Cost of Attendance and subtract your total financial aid award (institutional funding, outside scholarships/benefits, Direct Loan funding, federal grants and federal work-study). The remaining amount will be your maximum loan eligibility.

Private Loan Eligibility Calculation
Item Cost
Total Cost of Attendance $74,900
– Total Aid
Total Eligibility $27,600


State-Sponsored Loan Programs

Many states have programs offering credit-based student loans for their residents. These loans often offer competitive interest rates and borrower benefits. Below is a listing of states with loan programs. This is not a comprehensive list, you should check with your state’s higher education authority to see if they offer educational loans.

Note, all of the below programs participated in our RFI process. You are not required to select one of these programs, Wheaton College will accept loan certification requests from all lenders.

Loan Programs By State
Kentucky** KHESLC (800) 988 – 6333
Massachusetts** MEFA (800) 449 – 6332
Rhode Island** RISLA (800) 758 – 7562
Vermont* VSAC (800) 226 – 1029

Available for VT residents that attend college in Massachusetts.

** Open to borrowers nationally, regardless of their state of residence.

Private Loan Lender List

Our private loan lender list for students and parents is available through Elm Select. On Elm Select you will be able to compare loan products side by side as well as filter based on your preferred loan criteria. Please click on the links below to view our list of lenders.

Private Alternative Student Loan Lenders
Private Alternative Parent Loan Lenders

Private Education Loan Applicant Self-Certification

In addition to application documents, a lender must obtain a Private Education Loan Applicant Self-Certification Form signed by the applicant before disbursing a private education loan.  A copy of the Private Education Loan Applicant Self-Certification form (pdf) is available here.