Financial Aid

Alternative Financing

Stop! Apply for Financial Aid

Before considering private loan options, we recommend that you apply for federal, state and institutional financial aid, including federal student loans. Students considering educational private loans should apply only after they have applied for financial aid and received notification from the Financial Aid Office. UMass Lowell strongly encourages all students to apply for financial aid prior each year online at Free Application for Federal Student Aid (FAFSA).

Monthly Budget Plan

The Monthly Budget Plan is another financing option available to families. The Monthly Budget Plan is available through Tuition Management Services (TMS). This service enables you to make payments in monthly installments for the full year's tuition and fees. This is not a loan program, and there are no finance or interest charges. There is, however, a non-refundable application fee. For more information or to sign up online, please visit UMass Lowell Afford.

Alternative Loans

*Please Note: The University of Massachusetts Disclosure Statement Concerning Lenders for Private/Alternative Student Loans: 2015-2016

Every student/parent/guardian has the right to select their lender. The lenders listed at this site are independent entities. The University of Massachusetts makes no representations, warranties, or guarantees, implied or otherwise, as to the lenders listed at this site or that the financing options presented at this site are the most attractive terms available to any particular student, or parent, or guardian of a student seeking financial aid. Also, information may not be updated or timely or may be subject to data entry errors or changes by the lender. Please read carefully final loan agreements or promissory notes and understand their payment terms and other obligations.

The University is not a lender and is not engaged in rendering legal, accounting, financial planning or other related professional services. Any agreements entered into with the lenders whose products are included at this site will exist solely between the lender and the borrower, and the University assumes no obligation or liability in connection with any such agreements.

The University recommends that borrowers consult with their own expert advisors before making educational financing decisions. Students and their parents/guardians have the right and ability to select the education loan provider of their choice, and are not required to use any of the lenders listed below. There will be no penalty for choosing a lender that is not included as a lender on this site.

The lenders listed on this website responded to a publicly solicited Request for Response for private/alternative student loans. This request document can be found on the Internet by searching for the document number UP15-DF-0302. The University reviewed information regarding each lending institution’s background, loan program requirements, and customer service and program affiliations. The interest rate, fees, or loan cost offered by these lenders may not be the lowest available. In addition, a lender may change the rates, terms, fees, and other information from that which was presented in their original responses. The University will review the status of each lender at least annually and may add or drop lenders from this list.

The University reviewers from the University of Massachusetts campuses at Lowell, Dartmouth, and Boston 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.

Elm Select is a lender comparison tool. Through Elm Select, students and parents can research the terms and conditions of different lenders and choose the loan that best fits their personal financial situation, educational goals and objectives. Please refer to Elm Select. However, if you wish to use another lender not listed here, you have the right to do so.

Below find Alternative Loan options available based on enrollment status. Please review and choose the loan which best fits your needs:

 

Enrolled Half-Time (6 credits) or Greater

Lender Lender Disclosures
Citizens Bank Citizens Bank
cuStudent Loans cuStudent Loans (pdf)
Discover Student Loan Discover Student Loan
Federal Direct Graduate PLUS Loan (pdf) Federal Direct Graduate PLUS Loan (pdf)
Federal Direct Plus Loan (pdf) Federal Direct Plus Loan (pdf)
MEFA (Massachusetts Educational Financing Authority) MEFA (Massachusetts Educational Financing Authority) (pdf)
National Education National Education (pdf)
NHHELCO EDvestinU Loans NHHELCO EDvestinU Loans (pdf)
PNC Bank PNC Bank
Sallie Mae Sallie Mae (pdf)
SunTrust Bank SunTrust Bank
U-fi Student Loans U-fi Student Loans
Union Federal Student Loan Union Federal Student Loan
Wells Fargo Wells Fargo

Enrolled Less Than Half-Time (1-5 Credits)

Lender Lender Disclosures
National Education National Education (pdf)
Sallie Mae Sallie Mae (pdf)
Wells Fargo Wells Fargo

Enrolled In Certificate Program

Lender Lender Disclosures
Federal Direct Graduate PLUS Loan (pdf) Federal Direct Graduate PLUS Loan (pdf)
Federal Direct Plus Loan (pdf) Federal Direct Plus Loan (pdf)
National Education National Education (pdf)
PNC Bank PNC Bank
Sallie Mae Sallie Mae (pdf)
U-fi Student Loans U-fi Student Loans
Wells Fargo Wells Fargo

Enrolled as Non-Degree

Lender Lender Disclosures
National Education National Education (pdf)
Sallie Mae Sallie Mae (pdf)
U-fi Student Loans U-fi Student Loans
Wells Fargo Wells Fargo

If Not Meeting Satisfactory Academic Progress (SAP)

Lender Lender Disclosures
Citizens Bank Citizens Bank
National Education National Education (pdf)
NHHELCO EDvestinU Loans NHHELCO EDvestinU Loans (pdf)
PNC Bank PNC Bank
Sallie Mae Sallie Mae (pdf)
SunTrust Bank SunTrust Bank
Union Federal Student Loan Union Federal Student Loan
Wells Fargo (Undergraduate Only) Wells Fargo

International Students

Lender Lender Disclosures
Citizens Bank Citizens Bank
Discover Student Loan Discover Student Loan
National Education National Education Loans (pdf)
NHHELCO EDvestinU Loans NHHELCO EDvestinU Loans (pdf)
Sallie Mae Sallie Mae (pdf)
U-fi Student Loans U-fi Student Loans
Union Federal Student Loan Union Federal Student Loan
Wells Fargo Wells Fargo

Each Lender has different enrollment criteria. Please be sure to indicate your status correctly in order to avoid delays or errors in lender choice.

Important Information Regarding the New Alternative Loan Process

Effective February 14, 2010, the Higher Education Opportunity Act (HEOA) requires that before a private educational lender may consummate a private education loan for a student in attendance at an institution of higher education, the private education lender must obtain the completed and signed Self-Certification Form from the applicant.

Students may obtain a Private Education Loan Applicant Self-Certification Form from their lender or can download their own version of the Private Educational Loan Applicant Self-Certification (pdf). The Private Education Loan Applicant Self-Certification Form requires the estimated cost of attendance and estimated financial assistance for the period of enrollment covered by the loan. Students may find this information by logging into their SiS Self Service account and clicking on the financial aid summary link. This form must be submitted to the lender, not the school.

Loan funds will not be released to the school until the Private Education Loan Applicant Self-Certification Form is complete and submitted to the lender.

The Financial Aid Office will not certify a Private Loan until the borrower’s file is 100 percent complete with the lender. Borrowers should verify with their lender that all required documents have been completed and received.

Below is additional information regarding our Suggested Lender Selection Criteria and our Code of Conduct:

  1. Code of Conduct (pdf)
  2. Suggested Lender Selection Criteria (pdf)
  3. University of Massachusetts Disclosure Statement for Private Lending (pdf)