Private Alternative Loans
Federal loans are generally the best option for financing your education and should be your first consideration. In addition to the Federal Loan Programs, there are alternative/private loan options for students seeking additional funds to fill the gap between the financial aid awarded and the actual cost of education.
UMHB strongly recommends that you thoroughly research your alternative loan options to determine which lender offers a loan that fits with your individual needs and circumstances. We recommend using the lender research tools presented below, however as a student/parent borrower, you are not restricted to the lenders presented with either of these resources; you may use any lender of your choice.
Please remember: Alternative loans are credit based and will require a 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 were approved for on your initial application.
Lender Research Tools
CREDIBLE is a free online loan selection tool that allows you to compare prequalified rates, terms and eligibility rules side-by-side in just a few minutes. You can filter your search to sort on key factors most important to you. With your permission, Credible will pull a soft credit inquiry which will not affect your credit score but will enable you to compare interest rates that you qualify for with multiple lenders.
ELM SELECT presents a randomized list of lenders based on historical borrowing of UMHB students over the last three years. All lenders who have provided profile information to ELM SELECT and have accepted the invitation to be represented appear in this list. In confirmation of the federal disclosure requirements of HES Sec. 487(a) (27) and (h)), none of the lenders listed is an affiliate of any other lender on the list.
Students should keep in mind that the Federal Consolidation Loan program consolidates only federal loans. This excludes all loans received through private lenders. Some alternative loan lenders may offer loan consolidation programs that will consolidate both federal and alternative/private 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.<BACK TO TYPES OF AID
Location: Sanderford Administrative Complex
Address: 900 College Street, Box 8080 • Belton, TX 76513
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Page last updated March 23, 2021