BEFORE applying for an Alternative (Private) Education Loan, please note:
- All eligible students should complete a FAFSA (Free Application for Federal Student Aid) to determine eligibility for federal direct loans, grants, or other assistance under Title IV, HEA programs.
- Federal direct loans (subsidized, unsubsidized, Graduate PLUS, and Parent PLUS) may have terms and conditions that are more favorable than the provisions of the private education loans, such as lower borrowing costs and more favorable benefits tailored to students and their families. Alternative (private) education loans should only be considered after federal loan eligibility has been evaluated.
- Questions to consider before applying for your alternative (private) education loan:
- Are there fees associated with this loan?
- What is the interest rate? Is it variable or fixed?
- What repayment terms and benefits does this lender offer?
- Will I need a co-signer?
- Will I be required to make payments while enrolled?
- What are the enrollment and SAP requirements for this loan?
- What is my current outstanding balance not covered by financial aid?
- How much do I need to borrow?
Alternative (Private) Education Loan Preferred Lender List
The University of Maryland, Baltimore County has created a preferred lender list in order to reduce confusion and assist borrowers and their families in making decisions.. More information about each lender on the preferred lender list, including required disclosures, may be found on ELM. By clicking the ELM button below, you will be taken to the ELM website where you can compare loans. Students and parents should carefully research multiple options and choose the lender that best meets their individual financial needs. You may also choose lenders that are not listed on the ELM website.
Students and families do not have to borrow from a lender on the list. Required Disclosures for each type of loan can be found on ELM.
ELM Alternative (Private) Loan Search
One lender on the preferred lender list does not appear in ELM and has their own certification process. For more information, please see:
Prodigy (International Grad Students Only)
After you have completed your loan application, the request will:
- Be sent electronically from the lender to our loan data provider, ELM, and
- We will receive the 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 the loan request has been certified, and
- The lender will schedule the electronic funds transfer (EFT) directly to UMBC
- Please monitor and respond quickly to any school or lender requests
2025-2026 Preferred Lender List PDF
Preferred Lender List Selection Process
Self-Certification and Cost of Attendance (COA)
Students requesting private educational loans must complete, sign and return to the lender a Private Education Loan Applicant Self-Certification form.
Click here for Undergraduate and Graduate Costs
Application Priority Processing Dates
Your loan application must be on file with our office at least 6 weeks prior to the desired disbursement date. Any loan applications received after these dates will be processed within our current processing time frame (usually three to four weeks from date the application is received).
Alternative (private) education loans are an option for students who have a balance from a prior semester or a balance in collections as long as it is approved by the lender. It is recommended that you contact the lender to confirm whether they will approve a loan for a completed semester or a balance in collections before submitting the application.
Reduce or Cancel an Alternative (Private) Loan
If you would like to reduce or cancel your alternative (private) education loan, please submit a loan decrease form. If your loan has not disbursed yet, we also recommend that you contact your lender.
Code of Conduct for Education Loans
The Higher Education Opportunity Act (HEOA) requires educational institutions to develop, publish, administer, and enforce a code of conduct that prohibits a conflict of interest with the responsibilities of an agent of the school with respect to FFELP or private education loans. You may view the Code of Conduct for Education Loans for more information on UMBC’s obligations.
Please be aware that The Office of Financial aid and Scholarships is NOT able to provide co-signers for students or parents pursuing loan options.