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
Self-Certification and Cost of Attendance (COA)
- New regulations require students requesting private loans to complete, sign, and return to the Lender a Private Education Loan Applicant Self-Certification form.
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
Wells Fargo |
Sallie Mae |
|
| Apply Now | Apply Now | |
| Customer Service | 1-800-658-3567 Website |
1-888-272-5543 Website |
| Interest Rates | 3.40% to 9.24% | 2.25% to 9.37% |
| Repayment Options & Benefits |
|
|
| Fees | Zero Fees | Zero Fees |
| SAP (Satisfactory Academic Progress) Requirements | SAP not required | SAP not required |
| Enrollment Required | Less than half-time, half-time, and full-time | Less than half-time, half-time, and full-time |
| Accept International Students? | Yes - with a credit-worthy U.S. Citizen co-signer | Yes - with a credit-worthy U.S. Citizen co-signer |
| Loans to Cover Past Due Balances | Yes - for up to one year on balances past due (contact lender for details) | Yes - for up to one year on balances past due (contact lender for details) |
| Apply Now | Apply Now |
UMBC’s Office of Financial Aid & Scholarships follows the code of conduct which prohibits any conflict of interest between our office, its employees and our lenders. This code of conduct also prohibits revenue sharing and opportunity loans, and limits the receipt of gifts by our employees.

