Alternative Loans

BEFORE applying for an Alternative Loan, please note:

Application Priority Processing Dates

Your loan application must be on file with our office by these dates in order for your loan funds to be available for the first billing due date.

Priority Processing
 Summer 13 Fall 13 Only Fall 13/ Spring 14 Spring 14 Only Summer 14
Application should be received in our office by the following dates: April 19, 2013 June 28, 2013 June 28, 2013 Dec. 13, 2013 May 2, 2014

Final Application Deadline Dates

Loan applications submitted after the priority deadline dates will be processed throughout the semester; however, alternative loan applications should be submitted to your lender by the following dates to be processed for the following semesters:

Final Deadlines
 Summer 13 Fall 13 Only Fall 13/ Spring 14 Spring 14 Only Summer 14
Application should be submitted to your lender by the following dates: June 28, 2013 Dec. 13, 2013 May 2, 2014 May 2, 2014 June 27, 2014

Self-Certification and Cost of Attendance (COA)

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 3.50% to 9.24%
Disclosure notice-Undergrad
Disclosure notice-Grad		 2.25% to 10.125%
Disclosure notice-Undergrad
Disclosure notice-Grad
Repayment Options & Benefits
  • Full deferment offered while enrolled (contact lender for this option)
  • ¼ pt. reduction in rate with ACH payments
  • ½ pt. reduction in rate upon graduation
  • Full deferment offered while enrolled (contact lender for this option)
  • ¼ pt. reduction in rate with ACH payments
  • Smart Rewards with UPromise
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.