Alternative Loans

Alternative Loans are those loans not cover by the Federal through Subsidized, Unsubsidized and/or PLUS loan programs or the Federal Family Education Loan, Program (FFELP) subsidized, unsubsidized and/or PLUS loans.

Private/alternative loans are considered to help finance students' education by filling in the gap among the financial assistance they obtain from the school including federal loans and the approximate total cost of attendance. Private/alternative loans are accessible to undergraduate, graduate and professional students who are enrol in full-time, half-time, or less than half-time in an amount seeking program or non-degree looking for program at an approved school.

Alternative loans are normally at a higher interest rate than the federal student loan programs. It is the goal of the institution to ensure that students take benefit of all available federal student loan benefits before resorting to a private alternative loan. You must be a U.S. Citizen, permanent resident or eligible non-citizen or apply with a co signer who is. Loan approval requires a credit check and is based on your credit score and your ability to repay.

The institution will certify a private alternative loan (all previous conditions met) for the cost of turnout minus any other financial aid received. The institution will consider the student's eligibility for federal student loans, regardless of whether or not the student chooses to take these loans. A student may not request a private alternative loan to substitute a federal student loan for which the student is eligible.

The institution will certify approved private alternative loans under the following conditions:

1. The student's financial aid has been pending for failure to meet minimum Satisfactory academic progress standards as defined in Student Affairs policy SAV- 405

2. The student has exhausted annual and/or aggregate federal student loan limits and still has a financial obligation to the institution
3. The student's parent(s) have been denied the Federal PLUS loan and the annual subsidized and unsubsidized federal loan limits do not satisfy the student's financial obligation to the institution
4. A dependent student's parent(s) refuses to apply for a FFELP PLUS loan. 5. Other warranted cases as documented and approved by the Director of Financial Aid.

The institution will not certify alternative loans if:

1. The student has not completed a Free Application for Federal Aid (FAFSA)

2. The student has eligibility for federal subsidized and/or unsubsidized federal student loan(s)

3. The student has not provided all documents required by the OSFA for verification purposes

4. The student refuses to meet with and/or be counselled by the Alternative Loan

Coordinator

Students desiring certification of a private alternative loan must:

1. Complete a Free Application for Federal Student Aid (FAFSA), listing UMES as one of the schools to receive their information (school code #002106), for the current aid year

2. Provide all documents required by the Office of Student Financial Aid (i.e. – those documents required for verification)

If you looking for cash to grow your business manage cash flow or finance new equipment .....Read More			Taking the necessary steps to prepare for a small business loan can minimize the difficulty. To get a personal.... Read More