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.
The following is a list of lenders used by students at the University of Mary Washington in the past three years. This list appears in alphabetical order and is in no way ranked. Lenders may chose not to participate in private loans at any time. To get current and accurate information, please contact the lender directly.
Addison Avenue Federal Credit Union
Affinity Federal Credit Union
Apple Federal Credit Union
Campus Door Alternative Loan
Chartway Federal Credit Union
Digital Federal Credit Union
Maine Educational Authority Loan
Massachusetts Educational Financing Authority Loan
NJCLASS- New Jersey Class Loan
Vermont Student Assistance
Visions Federal Credit Union