Alternative education loans are credit-based consumer loans that can be used to pay any post-secondary education-related expenses. Before considering alternative loan borrowing, you should first apply for federal, state and institutional financial aid, including federal student loans. And use alternative loans only as a last resort to pay for college costs. File a FAFSA first. Go to studentaid.gov for more information.
Financial Aid Services strongly recommends that you fully research the alternative loan program and lender that best suits your financing needs. Please compare the benefits and costs of several alternative loan programs before you apply. To get the best interest rate and terms apply with a credit-worthy cosigner. To find out how to apply for an alternative loan visit the lender's website.
Alternative Loan List
For your convenience, below are links to alternative educational loans list. We have provided telephone numbers and links to websites maintained by these lenders. UMass Amherst is not responsible for the availability, content, or accuracy of materials on third party websites. Please carefully read final loan agreements, disclosures or promissory notes and understand their repayment terms and other obligations.
- Undergraduate Students
- Parents of Dependent Undergraduate Students
- Graduate Students
- International Students
- University Without Walls and Non-Degree Students
Lender Selection Criteria
The lenders included on each list responded to a publicly solicited Request for Information (RFP) for private/alternative student loans. This request document, CP-20-PF-0043, can be found on the UMass president’s office website. The submissions were evaluated and lenders selected based on the benefits the loan products offer to borrowers, including interest rates and fees, repayment benefits and terms, ability to apply, sign, certify and disburse electronically, quality of customer service to borrowers, problem resolution, loan management tools and availability of consumer information and web based service features. This is not a comprehensive list of all the educational loans available. Inclusion on this list is not an endorsement or recommendation by the University of Massachusetts Amherst. If a parent or student has worked with a lender not listed below, and has received excellent benefits and quality service from this lender, you may continue to do business with that lender. Financial Aid Services will process alternative loans for any lender selected by the student or parent.
The university reviewers from the University of Massachusetts campuses at Lowell, Dartmouth, Boston and Amherst have declared no personal affiliation, financial interest, benefit, or other personal ties related to these lenders in a signed affidavit maintained on file at the university.