Several lenders provide alternative student loan options. Check with your bank, lending institution, or search the Internet for "Alternative Student Loans" to find information on participating lenders, application requirements, interest rates, loan limits, and repayment options. Unlike federal student loans which use the FAFSA as the standard application form, the specific application process for any alternative loan will be unique to each lender.
After applying and receiving an approval for a school loan from your lender of choice, (bank, credit union) UMUC will be contacted by that lender to certify the loan. Certifying the loan means UMUC will confirm the student is admitted and matriculated into a program, registered for classes, and that the loan fits into the student’s cost of attendance budget. Once the loan is certified by UMUC, the lender will transfer the funds to UMUC via an electronic transfer to be posted to the student’s account.
Alternative Loan Limit: Students can borrow up to their Cost of Attendance, minus other financial aid received.
For information about Alternative Loans, please view the Private Student Loans brochure.