Students who need additional help meeting college expenses may be able to obtain a private or alternative educational loan. These types of loans are offered through many organizations, banks, and credit unions. Application for an alternative loan is made directly through the lending institution.
UMW recommends that students complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal loans before applying with private lenders. The terms and conditions for federal Title IV loans may be more favorable than those of private lenders.
Students may receive private loans up to the cost of attendance minus all other financial aid and resources. Potential borrowers should make a decision on a lender after first comparing interest rates, repayment terms, loan limits, eligibility, and loan fees and other benefits.
The University of Mary Washington does not endorse any particular private lender. We will certify loans (based on eligibility) for any lender that a student may choose. The credit check performed by most lenders expires after 90 to 120 days (please contact your lender to verify the credit expiration date). Students should take this into consideration before making any application to avoid potential delays due to credit expiration.
You will need to respond to all of the lender requests promptly and allow at least four weeks for processing. The University of Mary Washington cannot defer student account balances until a loan approval from the lender is received.
We invite all students to review lender options through our ELM Partner.
Please visit elmselect.com in order to view lenders, compare borrower benefits and other options.
Supplemental Loans for Graduate Students
Graduate students who are enrolled at least half-time and have submitted a FAFSA qualify for up to $10,250 per semester ($20,500 maximum per academic year) in the Graduate Unsubsidized loan. For students taking between 6 and 9 credits this loan is typically more than enough to cover tuition and living expenses. If a student takes more than 9 credits per semester however, a supplemental loan might be needed. In this situation a student can apply for an additional private loan after he or she has utilized their full eligibility in the Graduate Unsubsidized loan.
The following options are available using elmselect.com in order to view lenders, compare borrower benefits and other options.