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UMass Boston
Campus Center, 4th Floor
100 Morrissey Blvd.
Boston, MA 02125
Preferred Lender List
Private education loans are credit-based consumer loans that can be used to pay any post-secondary education-related expenses including tuition and fees, books, and transportation. Before considering private loan options, we recommend that you apply for federal, state, and institutional financial aid, including federal student loans. UMass Boston strongly encourages all students to apply for financial aid each year online. After exhausting loan opportunities available from the federal aid programs, students may consider private loan programs as an additional source of funding.
Eligibility for private loans is based on credit-worthiness and ability to repay, not on financial need. Private loans may be borrowed by the student or parent/sponsor. Most private loans borrowed by the student require a credit-worthy co-signer and offer deferment of principal payments while the student is enrolled. Please be aware that interest rates for some lenders may differ based on what repayment option that you choose.
The Financial Aid Office uses ELM Select, a loan comparison tool, where you can compare lenders, their terms and conditions, and apply for loans directly from the ELM Select website.
- Enrolled Half-Time (6 Credits) or Greater
- Enrolled Less Than Half-Time (1-5 Credits)
- Enrolled as Non-Degree
- If Not Meeting Satisfactory Academic Progress (SAP)
- International Students
- Loans for Parent Borrowers
Enrolled Half-Time (6 credits) or Greater
| Lender | Lender Disclosures |
|---|---|
| AAA Advantage Loan | AAA Advantage Loan |
| Citizens Bank | |
| College Ave Student Loans | College Ave |
| Custom Choice-Cognition Financial | Custom Choice Cognition Financial |
| Digital Federal Credit Union | |
| KHEAA | KHEAA |
| MEFA (MA Education Financing Authority) | |
| Merrimack Valley Credit Union | Merrimack Valley Credit Union |
| Nelnet | Nelnet |
| NHHELCO | NHHELCO |
| RISLA (RI Student Loan Authority) | RISLA |
| Sallie Mae | Sallie Mae |
| Sofi | Sofi |
| UMass Five Credit Union | UMass Five Credit Union |
| Union Federal Student Loans | Union Federal Student Loans |
Enrolled Less Than Half-Time (1-5 Credits)
| Lender | Lender Disclosures |
|---|---|
| College Ave Student Loans | College Ave |
| KHEAA | KHEAA |
| Nelnet | Nelnet |
| RISLA (RI Student Loan Authority) | RISLA |
| Sallie Mae Student Loans | Sallie Mae |
Enrolled as Non-Degree
| Lender | Lender Disclosures |
|---|---|
| Nelnet | Nelnet |
| NHHELCO | NHHELCO |
| RISLA (RI Student Loan Authority) | RISLA |
| Sallie Mae Student Loans | Sallie Mae |
If Not Meeting Satisfactory Academic Progress (SAP)
| Lender | Lender Disclosures |
|---|---|
| AAA Advantage Loan | AAA Advantage Loan |
| Citizens Bank | Citizens Bank |
| Custom Choice-Cognition Financial | Custom Choice-Cognition Financial |
| KHEAA | KHEAA |
| Nelnet | Nelnet |
| NHHELCO | NHHELCO |
| RISLA (RI Student Loan Authority) | RISLA |
| Sallie Mae Student Loans | Sallie Mae |
| Union Federal | Union Federal |
International Students
Please Note: The following lenders may require international students to have a co-signer who is a US Citizen or a US Permanent Resident. Please consult directly with the lender about their requirements before applying.
| Lender | Lender Disclosures |
|---|---|
| AAA Advantage Loan | AAA Advantage Loan |
| Citizens Bank | Citizens Bank |
| College Ave Student Loans | College Ave |
| Nelnet | Nelnet |
| NHHELCO | NHHELCO |
| Sallie Mae Student Loans | Sallie Mae |
| Sofi | Sofi |
| Union Federal Student Loans | Union Federal Student Loans |
Parent Borrowers
| Lender | Lender Disclosures |
|---|---|
| Citizens Bank | |
| College Ave Student Loans | College Ave Student Loans |
| KHEAA | KHEAA |
Important Information Regarding the Alternative Loan Process
Loan funds will not be released to the school until the Private Education Loan Applicant Self-Certification Form is complete and submitted to the lender.
Students may obtain a Private Education Loan Applicant Self-Certification Form from their lender or download it here. The Private Education Loan Applicant Self-Certification Form requires the estimated cost of attendance and estimated financial assistance for the period of enrollment covered by the loan. Students may find this information by logging into their WISER account and clicking on the Financial Aid Center link > View Current Financial Aid > Select the aid year > Financial Aid Summary. This form must be submitted to the lender, not the school.
The Financial Aid Office will not certify a Private Loan until the borrower’s file is 100% complete with the lender. Borrowers should verify with their lender that all required documents have been completed and received. UMass Boston uses ELM to certify and disburse private loan funds.
UMass Boston
Campus Center, 4th Floor
100 Morrissey Blvd.
Boston, MA 02125