Alternative Loan Processing
Alternative loans are loans made available by lenders to students who need additional funding to help with their educational costs. Now, more than ever, private student loans are critical in helping students fill the gap between what they are able to borrow with federal loans and the total cost of their education.
The Financial Aid Office at the University of Nebraska Medical Center does require the completion of a Free Application for Federal Student Aid (FAFSA) to insure students maximize their eligibility in Federal and State financial assistance (grants, work-study, Stafford Loans, etc.) before applying for an alternative loan. A FAFSA may be completed on line. The current economy has resulted in very low interest rates on alternative loans—to individuals with excellent credit. Since private student loans are credit-based, your eligibility and the interest rate you receive are based on your credit score. If you don't have an established or satisfactory credit history, or are unable to meet other eligibility requirements, you will have to apply with a creditworthy co-signer. Benefits of applying with a co-signer include the following:
- You improve your chances of approval.
- You may also receive a lower interest rate if your co-signer has better credit than you.
- A lower interest rate means less interest paid over the life of the loan.
While not required, we strongly encourage students who may have difficulty qualifying for a private student loan, due to limited income and credit history, to apply with a creditworthy co-signer. This may increase your chances of approval and obtaining a better interest rate.
There are many lenders that have developed alternative student loan programs. Below is a list of lenders that provide alternative loans designed for health professional students. Students are advised that ALL alternative loan lenders are required to follow the recently passed Regulation Z rules and regulations for private loan processing. The lenders MUST follow a THREE (3) step loan process directly with the borrower; a self-certification loan application, a disclosure of interest rates/penalties at the time of application, and a final disclosure at the time of loan disbursement/delivery. The school cannot assist with this process. Please print and retain copies of all loan documents provided by the lender.
Students will be required to provide the lender with their cost of attendance. This cost of attendance is available on the "Student Service Center" page of the UNMC student information system.
When you complete your on-line application, print a copy for your files. DO NOT mail a copy to our office. Your lender will provide us with an electronic notification of your application.
Financial Aid Lenders: The agency to the right of the lender indicates what agency will service your loan in repayment and the location of their current servicing center.
The lenders listed below are the only lenders with whom UNMC has familiarity. We can attest to their customer service and loan procedures. You are free to search the internet for other Alternative Loan options. UNMC will not be responsible for researching their lending history, customer service, policies or procedures. We will be happy to process your loan request with any lender you may choose for your ALTERNATIVE LOAN borrowing.
- Wells Fargo (Wells Fargo, Sioux Falls, SD) 1 (800) 658-3567
- Discover Student Loans (Discover) 1 (877) 728-3030
- Sallie Mae (Sallie Mae Corporation) 1 (888) 272-5543 - Undergraduate Students Only
- Sallie Mae (Sallie Mae Corporation) 1 (888) 272-5543 - Graduate/Professional Students Only
- Charter One TruFit Student Loan (RBS Charter One) 1 (888) 333-0178
NON DEGREE students: The above named lenders do not offer loans to students classified as Non Degree at UNMC. UNMC is not aware of any lenders that provide private student loans to students in this status. Students finding loans made available to non degree students are encouraged to contact the Office of Financial Aid for assistance in processing their non degree private student loan.
UNMC HAS RECEIVED NO CONSIDERATION FROM ANY LENDERS FOR PLACEMENT ON THIS LIST. Placement on this list DOES NOT constitute an endorsement from UNMC nor should it be construed as a preferred lender list. You are free to borrow from any lender of your choice.
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