Alternative loan programs most commonly used

The loan programs listed below are some of those that are commonly used by UMD students. You are free to appy with the lender of your choice and are not limited to the lenders listed below.

Additional information about each program is provided by selecting the loan program name from the third column.

How to apply

Once you have chosen a lender, here is how the loan process works:

You and your cosigner will need to apply for the loan. Most lenders encourage you to apply online through their Web site, but you can also apply by phone.

When applying online, it is important that you apply for the correct type of loan. UMD is a direct lending school, which means that you cannot apply for the Federal Stafford Loan or Federal Parent PLUS Loan through a commercial lending institution. Federal loans come directly to UMD students through the Ford Direct Loan Program.

The lender will contact UMD electronically to request that we certify your loan eligibility. UMD verifies your eligibility and enrollment, and certifies the amount of your loan based on your cost of attendance and other aid. Please note that lenders will not request school certification until your application is fully approved, not pre-approved. Depending on the lender, it may take three to four business days for the certification request to reach UMD.

Once your application is certified and approved, the lender will send your money electronically to UMD. The loan funds will be applied to your UMD account to pay for any tuition and fees that you owe. Any surplus funds that remain after your balance is paid will be sent to you as a refund.

Please note that this is not intended to be a comprehensive list of every alternative loan program, nor is this list intended to serve as a recommendation of these programs over those offered by other lenders not listed here. UMD neither recommends nor endorse any particular lenders over others.