Alternative Educational Loans

Alternative educational loans are available from private lenders and offer additional financial assistance to students who have exhausted all other sources of funding for their education. These programs are meant to supplement federal and state aid when the cost of attendance (COA) is not fully covered by these programs.

Compare Loans
Students are encouraged to research the interest rates, credit check requirements, conditions, terms, and repayment of alternative loans when selecting a lender.

Apply for an Alternative Educational Loan
If an alternative loan is the only financial aid you desire, the submission of a FAFSA is not required.  It is suggested however, that a FAFSA be submitted in order to be considered for the most favorable aid for the student.

When you apply for an alternative loan, you must also complete a loan application before the loan funds will be disbursed. We encourage you to fill out a loan application with one of UMBC’s preferred lenders; however, you may choose any lender. Please be aware that the use of non-preferred lenders may cause delays in the processing of your loan. 

Please visit Cost Calculator to determine the amount you wish to borrow or contact our office for assistance.

Credit Decision
The lender will perform a credit check to determine the borrower’s eligibility. If approved, the borrower and UMBC will be notified and the loan will be processed by our office. The lender will contact the borrower with additional requirements if the alternative loan cannot be approved based on the original application.

Repayment of Alternative Educational Loans
The date the first payment is due and terms of repayment, including deferment options vary by lender. Please contact your lender for more information.