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Note: WE STRONGLY RECOMMEND STUDENTS BORROW THROUGH FEDERAL PROGRAMS PRIOR TO PURSUING NON-FEDERAL LOAN OPTIONS SUCH AS ALTERNATIVE LOANS.
What are Alternative Loans?
Alternative loans are private educational loans used to bridge the gap between a student’s Cost of Attendance (COA) and the financial aid package offered to the student by the institution.
Who offers Alternative Loan?
Alternative loans are offered by private lenders and do not require federal forms such as a FAFSA. However,please be aware that tiered interest rates and fees are very stringent and best rates are
based on excellent credit history. The lender will notify you of the interest rates and fees you qualify
for after credit review. The Alternative loan interest rates are variable and are not protected by
Federal Student Loan regulations and may be substantially higher than Stafford and PLUS loan programs.
Who qualifies for Alternative loans at The University of Texas-Pan American?
In most cases, private lenders require institutions to certify the Alternative loans.
The University of Texas-Pan American only certifies Alternative loans for two specific groups of
students. Alternative loans are certified for Physician Assistant students because their COA is much
higher than the average student’s COA and because they are not allowed to work for the duration
of their program. In addition, Alternative loans are certified for International students who are
not eligible for Federal Aid.
How can I request an Alternative loan?
Students who fall into either the Physicians’ Assistant or International student categories can
apply for an Alternative loan by visiting the web site:
Please follow the online process to apply for your loan and complete your MPN. You MUST
complete the electronic signature process to submit your MPN. If you would like to
choose a lender other than those listed on the web site, go directly to the web site of
the lender you wish to borrow from to apply.
The following is a general overview of the steps to follow in applying for an Alternative loan.
- Remember– Apply for the Stafford Loan before you apply for a private loan.
- Visit the website: http://www.elmselect.com/oll/SchoolLenderList/?schoolId=8334
- Prior Borrowers: If your lender is not listed on the web site, go directly to your lender's web site to apply. If you do not know their web address you may "Search for Other Lenders" in the column to the right. Click on "ELM Resources Lender Directory.
- Review the column below with “Borrower Benefits & Customer Service” information to help you select your Lender. To make a side-by-side comparison select more than one of the boxes on the left side. Then select “Compare Selected Lenders” below that column.
- Click on the “Apply Now” link to be directed to the lender’s online Promissory Note. Complete it and print the completed form for your records.
- Please be aware of all costs and fees associated with these Alternative loan programs.
- After your credit review is approved, you will be notified by your lender when funds are disbursed to the school.
- You may want to consider beginning the application process for your Alternative loan several weeks before your payment due date so that there is sufficient time to process your application, certify enrollment and credit the loan disbursements to your account. For more detailed information, visit each lender’s website.
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