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. The University of Mary Washington 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.
Private educational loans are not federally guaranteed or subsidized and are based on the borrower’s credit score. The interest rates and fees on private student loans are based on the borrower’s credit worthiness and ability to repay the loan. We recommend that students apply for a private loan with a co-signer even if they may be eligible on their own. A co-signer assumes responsibility for a loan should the borrower fail to repay. A co-signer with steady employment and a good credit rating often reduces the loan application time while lowering interest rates and fees. Please note that most credit unions require students to be members of the institution to be eligible for a loan.
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. Students who wish to have funds available to cover educational costs should submit their application to the lender by:
|Fall Terms||June 1|
|Spring Terms||November 1|
|Summer Terms||March 1|
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.
Recent regulatory changes require students to complete a Private Loan Self Certification Form before they may disburse a private education loan. If you need an additional copy of the form, you may find it here.
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- https://addisonavenue.com/
Affinity Federal Credit Union- https://www.affinityplus.org/education/students-young-adults
Apple Federal Credit Union – http://www.applefcu.studentchoice.org/
Campus Door Alternative Loan- http://www.campusdoor.com/
Chartway Federal Credit Union – http://chartway.studentchoice.org/
Chase Bank – http://www.chasestudentloans.com/
Citibank – http://www.studentloan.com/
Citizens Bank – http://www.citizensbank.com/student-services
Digital Federal Credit Union- https://www.dcu.org/prodserv/loans/student.html
Discover – http://www.discoverstudentloans.com/
Edamerica Private Loan- http://www.edamerica.net/
Maine Educational Authority Loan- http://www.mela.net/
Massachusetts Educational Financing Authority Loan- http://www.mefa.org/
National Education Private Loans- http://www.nationaled.net/schools/private_loans.asp
NJCLASS- New Jersey Class Loan – http://www.hesaa.org/Pages/NJCLASSHome.aspx
Northwest Federal Credit Union – http://www.nwfcu.org/ccloans/education.html
Pentagon Federal Credit Union- https://www.penfed.org/productsAndRates/loans/educationLoans/overview.asp
PNC Bank – http://www.pnconcampus.com/studentloanguide/privateloans/default.aspx
Sallie Mae – http://salliemae.com/
Suntrust Bank – http://www.suntrusteducation.com/
Vermont Student Assistance – http://services.vsac.org/wps/wcm/connect/VSAC/vsac/pay+for+college/funding+sources/loans/vsac+-+pay+-+funding+sources+-+loans+-+vsac+fixed+rate+private+education+loan
Visions Federal Credit Union- http://visionsfcu.studentchoice.org/
Wells Fargo – http://www.wellsfargo.com/student