The maximum loan amount that can be borrowed each year is up to the total cost of attendance minus financial aid awarded to the student. The UG Alternative Loan Chart on our Resources page briefly describes the components of each loan program and is a summary of our annual review of alternative lenders. We review the interest rates, repayment options, borrower benefits and customer service of the lenders.
Students may borrow from a private lender, in most cases they will need a credit-worthy cosigner to apply for the loan with them. Both the interest rates and the fees may vary from program to program, often based on the borrower’s credit history and interest rates are not always fixed. We encourage our families to do their own research to find a product that best meets their needs.
- We recommend you borrow for the cost of the academic year.
- Loans should be secured no later than the date the bill is due to be paid to avoid late fees, interest charges and cancelled registrations
- The federal William D. Ford Direct Parent PLUS loan applications can be remitted to our office and will be processed beginning July 1 in accordance with the Federal Department of Education’s regulations
- We will beginning certifying private loans late May