Private Alternative Loans
In addition to the Federal Loan Programs, there are alternative/private loan options for students seeking additional funds to help finance their undergraduate or graduate education. Alternative Loan Programs are created by private lenders specifically to fill the gap between the financial aid awarded and the actual cost of education. UMHB suggests you research the lenders and their loan products before making a choice for you private loan. Though alternative loans can be more expensive that Direct Loans, a little research can result in significant savings. Many companies offer numerous alternative loan options, so students are can find a loan that meets their needs. Any student who is a US citizen is eligible to apply. Students who are permanent residents or international students may be eligible to apply for alternative/private loans if they have a credit worthy co-signer who is a U.S. citizen or permanent resident.
UMHB utilizes ELM SELECT to provide students and parents with information about alternative/private loans that previous UMHB students have used. ELM SELECT lets you to compare several items such as loan rates, length of repayment, monthly payment amounts, etc. The lenders listed at ELM SELECT are based on historical borrowing of UMHB students over the last three years. All lenders who have provided profile information to ELM SELECT and have accepted the invitation to be represented appear in this list. As a student/parent borrower, you are not restricted to the lenders presented on ELM SELECT (add hyperlink); you may use any lender of your choice, but please notify the Financial Aid Office so we can expedite this process. In confirmation of the federal disclosure requirements of HES Sec. 487(a) (27) and (h)), none of the lenders listed is an affiliate of any other lender on the list.
Please remember: These loans are credit based and will require a credit check. Final approval amounts are determined by the Office of Financial Aid once a request for certification is received from your lender. Be aware that due to federal policies governing educational lending, the amount certified by UMHB may be less than the amount you requested on your initial application.
It is strongly recommended that you thoroughly research each option and determine which of the suggested lenders offers a loan which fits with your individual needs or circumstances.
Students should keep in mind that the Federal Consolidation Loan program consolidates only federal loans. This excludes all loans received through private lenders. Some alternative loan lenders may offer loan consolidation programs that will consolidate both federal and alternative/private loans. However, these consolidation loans are usually offered at much higher interest rates than that of the federal program. Students should ask lenders about consolidation options and their costs before committing to an alternative loan.
Location: Sanderford Administrative Complex
Address: 900 College Street Box 8080 | Belton, TX 76513
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Page last updated April 23, 2019