Private Alternative Education Loans

Private educational loan programs are non-federal loans issued by banks, savings and loan associations, and credit unions. These loans may allow students and parents to borrow up to the full cost of attendance*, minus any other financial aid they receive.

Many students need a creditworthy co-signer, such as a parent, relative, or friend, to qualify for a private loan. Interest rates may be fixed or variable, depending on the loan terms selected. Repayment periods typically range from 5 to 25 years, depending on the lender.

Because every family's financial situation is unique, Loyola University Maryland cannot recommend a specific private loan program that would best meet an individual family's needs.

*A college's cost of attendance includes actual tuition, room and standard allowances for meal service, books and supplies, transportation, and personal expenses.

Consider Federal Loan Options First

Before applying for a private loan, students are encouraged to explore federal Direct Loan programs. Federal loans often provide lower interest rates, flexible repayment options, and potential loan forgiveness opportunities after graduation.

Choosing a Private Loan Lender

• No preferred lender list: Loyola University does not maintain a preferred lender list for private alternative education loans and cannot recommend specific lenders. However, many Loyola students and families have used lenders listed through ELM Select.
• Freedom to choose: You are not limited to lenders listed in ELM Select and may choose any lender that meets your borrowing needs.
• Parent loan options: Many private lenders also offer loan programs specifically for parents.
• Compare lenders carefully: When evaluating lenders, review factors such as interest rates, origination fees, loan limits, and repayment terms. Always research lenders directly through their websites.
• Use ELM Select: ELM Select, provided by ELM Resources, allows you to compare multiple loan options to help determine which lender best fits your financial situation.
• Past due balances: Not all lenders will cover past-due balances. Confirm this information before applying.
• Avoid scams: Be cautious of services offering to sell or provide a co-borrower. Only use a co-borrower you personally know and trust.

How to Apply

Follow the steps below to explore private loan options through ELM Select:

1. Visit the ELM Select Website.
2. Search for your school: Enter Loyola University Maryland in the school search field
3. Select your loan type: Choose "Undergraduate" or "Parent Loans" depending on your situation.
4. View available loans: Click "View Loans" at the top of the page.
5. Filter lender options: Review the list of lenders and filter options by repayment terms, loan type, interest rates, and other criteria.
6. Confirm lender policies: Not all lenders cover past-due balances. Verify this before applying. You may also contact lenders directly to apply by phone or ask questions.
7. Loan certification: If approved, the lender will send the loan to the university for certification, typically within 1–5 business days. Loan amounts cannot exceed the cost of attendance for the academic year. The cost of attendance includes tuition, housing, meal plans, books and supplies, transportation, and personal expenses.
8. Learn more about cost of attendance: Visit the Financial Aid eligibility, terms, and conditions page.