Alternative Loans

BEFORE applying for an Alternative Loan, please note:

• All eligible students should complete a FAFSA (Free Application for Federal Student Aid) to determine Federal student grant and loan eligibility.
• Student Direct Loans (Subsidized or Unsubsidized) almost always offer lower borrowing costs and more favorable benefits tailored to students and their families. Alternative Loans should only be considered after all Federal Loan eligibility has been exhausted.
• UMBC requires students to be degree-seeking for an Alternative Education Loan.
• Questions to consider before applying for your Alternative Loan

Preferred Alternative Loan Lenders

Below is a list of recommended lenders at UMBC for private/alternative loans.  UMBC adheres to a College Loan Code of Conduct to ensure our students are provided with loan information that is in their best interest. To apply for an alternative loan, click on the "Apply Now" under the lender from whom you wish to borrow and follow the steps provided. Students are not obligated to use a lender on this list and may apply with any lender they choose.  If you have any questions, please contact the Financial Aid Office.

After you have completed your application, your loan request will:

• be sent electronically from the lender to our loan data provider, ELM, and
• we will receive your loan request and certify your loan eligibility on ELM within our current processing timeframe (Usually three to four weeks), and
• ELM will send notification to your lender that your loan request has been certified, and
• your lender will schedule your electronic funds transfer (EFT) directly to UMBC.
• Please monitor and respond quickly to any school or lender requests

You can track the status of your loan by logging onto ELM at http://www.elmresources.com