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​​Alternative Loans 

About the Loan

If a student does not qualify for federally funded loans, such as Federal Direct Subsidized or Federal Direct Unsubsidized Loans, the student may be able to finance their education with a private loan. Alternative loans are credit-based consumer loans that can be used for any educational related purpose. Most loans require the applicant to have an established credit history or a credit-worthy co-signer for approval.

Interest Rate and Fees

Interest rates and fees vary based on the lender of choice and borrower's credit history.

Loan Amount

Students may borrow up to the cost of attendance, minus other financial aid.

Application for Loans

Students will need to contact their chosen lender for an application.

Offer of Loans

Once UHD receives and processes the application from the lender, we will update the student's account accordingly.
In addition to the application, students will need to complete a Master Promissory Note (MPN) and disclosure statement with chosen lender.

Disbursement of Loans

Once the lender sends UHD the loan funds, they will be applied to the student's account to cover any outstanding charges. If a credit balance is created, funds will be refunded to the student's BankMobile refund process​.

Maintenance of Loans

Lender requirements vary. Students should retain all documentation related to their application and contact information for their lender.

Repayment of Loans

Repayment options vary by lender. Borrowers will receive loan terms from their lender, which should include repayment information. 




Last updated 7/6/2021 6:18 AM