Alternative Financing Options
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. If you are considering educational private loans, you should apply only after applying for financial aid and received notification from The Solution Center. UMass Lowell strongly encourages all students to apply for financial aid each year online at Free Application for Federal Student Aid (FAFSA).
Monthly Payment Plan
The Monthly Payment Plan is another financing option available to families. This service enables you to make payments in monthly installments for the semester'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. Find out more about your options with Flywire.
Alternative Loan Disclosures
*Please Note: The University of Massachusetts Disclosure Statement Concerning Lenders for Private/Alternative Student Loans: 2024-2025.
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, if you wish to use another lender not listed here, you have the right to do so.
The lenders listed on this website responded to a publicly solicited Request for Response for private/alternative student loans. This request document, UMass-2024-0636, can be found on the UMass President’s Website. 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, 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.
Try Elm Select - The lender comparison tool!
Elm Select is a lender comparison tool where students and parents can research the terms and conditions of different lenders. Through ELM Select, families can choose the loan that best fits their personal financial situation, educational goals and objectives.
Go to Elm Select to start comparing.
Alternative Loan Options
Below, find Alternative Loan options available based on enrollment status. Please note that the order of lenders in each section is not alphabetical, but rather was determined by random selection to avoid any perceived preference. Please review and choose the loan which best fits your needs:
halfEnrolled Half-Time (6 credits) or Greater
lessEnrolled Less Than Half-Time (1-5 Credits)
| Lender Website | Lender Disclosure Links |
|---|---|
| KHEAA | KHEAA Disclosure |
| College Ave Student Loans | College Ave Student Loans Disclosure |
| Sallie Mae Student Loans | Sallie Mae Student Loans Disclosure |
certEnrolled In Certificate Program
nonEnrolled as Non-Degree
SAPIf Not Meeting Satisfactory Academic Progress (SAP)
InternationalInternational Students
Please Note: The following lenders may require international students to have a co-signer who is a U.S. Citizen or a U.S. Permanent Resident. Please consult directly with the lender about their requirements before applying.
Parent-borrowerLoans For Parent Borrowers
Each Lender has different enrollment criteria. Please be sure to indicate your status correctly in order to avoid delays or errors in lender choice.
Loan Options for Past Due Balances While No Longer Enrolled
If you are no longer actively enrolled at UMass Lowell and are seeking funding to cover a past due balance, we encourage you to check directly with a lender regarding their past due balance policy BEFORE completing a loan application with them.
Past due policies vary widely from lender to lender. Some lenders do not cover past due balances at all and others only allow for a past due balance within a certain time frame (previous semester, 3 months, 1 year, etc.) Lenders may also change their past due policies at any time, so it is best to confirm eligibility criteria directly with the lender prior to application.
Additional criteria may also be required by certain lenders – i.e. whether you are meeting Satisfactory Academic Progress according to the university’s policy or have a minimum enrollment (at least half-time or 6 or more credits.)
Eligibility criteria are often outlined on a lender’s web site. Be sure to double-check in advance to avoid any unnecessary delay in certifying and applying loan funds to your student account.
Lastly, if your past due balance is from a term that ended over one year ago and you’re no longer enrolled, you are likely not eligible for a loan with any educational lender. In this case, you may choose to seek a personal loan to cover any outstanding balance (not an educational loan), or make other payment arrangements.
Important Information Regarding the 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: