Alternative Loans
About the Loan
If a student does not qualify for federally funded loans, such as Federal Direct Subsidized
or Federal Direct Unsubsidized Loans, the student may be able to finance their education
with a private loan. Alternative loans are credit-based consumer loans that can be
used for any educational related purpose. Most loans require the applicant to have
an established credit history or a credit-worthy co-signer for approval.
Interest Rate and Fees
Interest rates and fees vary based on the lender of choice and borrower's credit history.
Loan Amount
Students may borrow up to the cost of attendance, minus other financial aid.
Application for Loans
Students will need to contact their chosen lender for an application.
Offer of Loans
Once UHD receives and processes the application from the lender, we will update the
student's account accordingly.
In addition to the application, students will need to complete a Master Promissory
Note (MPN) and disclosure statement with chosen lender.
Disbursement of Loans
Once the lender sends UHD the loan funds, they will be applied to the student's account
to cover any outstanding charges. If a credit balance is created, funds will be refunded
to the student's BankMobile refund process.
Maintenance of Loans
Lender requirements vary. Students should retain all documentation related to their
application and contact information for their lender.
Repayment of Loans
Repayment options vary by lender. Borrowers will receive loan terms from their lender,
which should include repayment information.