Private loan programs
Private (also known as alternative) loans are provided by commercial, for-profit banks and financial institutions and generally have higher interest rates and fees than other student loans. For that reason, it is in your best interest to apply for Federal Aid First. Federal student loans usually have lower interest rates, in addition to better repayment terms and options, than private student loans. Your FAFSA will also determine your eligibility for other types of financial aid—grants, scholarships and work opportunities—from state and University programs that are supported by the federal government. Your awards from these other sources may reduce your need for student loans and result in less debt to repay at graduation.
Your FAFSA results will determine if and how much you are eligible to receive from University, state, and federal student financial aid. You will also be given the amount of your expected family contribution (EFC)—the difference between the financial aid you receive and your cost of attendance. If you do not have enough savings or other resources to meet the amount of your EFC, you may be ready to consider a private alternative student loan program.
Private student loan programs are numerous and vary in the terms, conditions, and eligibility requirements. Before submitting any loan applications, you are encouraged to carefully evaluate the criteria for each loan program to determine which one best meets your unique needs and circumstances. Be aware that your credit score and history (and/or your co-borrower's) determines the interest rate you will pay for a private loan. Please check the Web site or contact the sponsoring agency of each private loan to be sure that you understand the terms of the loan and to receive current interest rates.
Always remember that your private loan is borrowed from a private loan company, not the University of Minnesota. Sign the promissory note and/or truth-in-lending disclosure forms only when you understand and agree with the rates and terms given in those documents. Keep copies of all your paperwork for as long as you have the loan. You must handle any concerns or problems you encounter with your private loan lender independently.
Private lenders
The lenders listed below are frequently used by University students and offer online services that are compatible with ELM, an electronic loan management system used to expedite loan applications and disbursements. The University will process all loans, regardless of whether the lenders appear in the list.
When requested, provide your lender with these identifiers:
Name of postsecondary institution:
University of Minnesota, Twin Cities
Federal school code:
003969-00
The University of Minnesota, Twin Cities, does not endorse nor accept any incentives, financial or otherwise, to include lenders on this page.
| Lender | Phone | Loan program | Apply online at: |
|---|---|---|---|
| Chase | 866-306-0868 | Chase Select | www.chaseselectloans.com |
| Citibank | 800-967-2400 | Citiassist Loan
(undergraduate, graduate, medical, dental students) |
www.studentloan.com/ |
| Sallie Mae | 800-695-3317 | Smart Options Loan Program (undergraduate, graduate) |
http://schools.salliemae.com/school-campus.aspx?L=802218&S=00396900&T=S |
| U.S. Bank | 800-242-1200 | No Fee Education Loan Bar Review Education Loan |
www.usbank.com/sl/UofMNTwinCities |
| Wells Fargo | 800-658-3567 | Collegiate Loan (undergraduate, graduate, medical, dental students) |
wfefs.wellsfargo.com/jump/umn.html |