Private Alternative Loans
In addition to the Federal Loan Programs available, there are several loan options for students who are searching for additional funds to help finance their undergraduate or graduate education.
Alternative Loan Programs are created by private lenders specifically to fill the gap between the financial aid awarded and the actual cost of education. Although alternative loans can be more expensive than Federal Family Educational Loan Program (FFELP) loans, a little research can result in significant savings. Many companies offer numerous alternative loan options, so students are quite likely to find something that fits their needs. The lenders below have a proven and successful consistent partnership with UMHB through the years. If you desire to use any other lender to obtain a private loan, please notify the Financial Aid Office. These loans are credit based and will require a full credit check. Final approval amounts are determined by the Office of Financial Aid once a request for certification is received from your lender.
Be aware that due to Federal Policies governing educational lending, the amount certified by UMHB may be less than the amount you request on your initial application. It is strongly recommended that you thoroughly research each option and determine which of the following lenders offers a loan which fits with your individual needs or circumstances.
In order to research and/or apply for any of these loans, click here to view lenders. For your convenience, each lender link provides information on the various loans available through that specific lending institution, along with instant credit checks, and online application instructions. Once you have submitted your electronic application on the lenders website, UMHB will receive an electronic request to certify your loan. Please do not forget to sign and submit your promissory note to your lender. If you are offered the opportunity to sign your promissory note electronically (E-sign), we highly recommend that you do so immediately after submitting your application. Do not mail paper applications or promissory notes to UMHB.
Students should keep in mind that the Federal Consolidation Loan program consolidates only federal loans. This excludes all loans received privately. Some alternative loan lenders may offer loan consolidation programs that will consolidate both federal and alternative loans. However, these consolidation loans are usually offered at much higher interest rates than that of the federal program. Students should ask lenders about consolidation options and their costs before committing to an alternative loan.
Additional Information
Federal Stafford Loans
Federal Plus Loans
Private Alternative Loan Lenders
Loan Entrance/Exit Counseling
