Private Alternative Loans

Federal loans are generally the best option for financing your education and should be your first consideration. In addition to the Federal Loan Programs, there are alternative/private loan options for students seeking additional funds to fill the gap between the financial aid awarded and the actual cost of education.

UMHB strongly recommends that you thoroughly research your alternative loan options to determine which lender offers a loan that fits with your individual needs and circumstances. We recommend using the lender research tools presented below, however as a student/parent borrower, you are not restricted to the lenders presented with either of these resources; you may use any lender of your choice.

Please remember: Alternative 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 were approved for on your initial application.

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.