Alternative (Private) loans can help bridge the gap between the actual cost of your education and the amount of financial aid you are eligible for. The loan is typically in the student’s name, but a credit-worthy cosigner is often required.
Where to look?
Elmselect is an interactive tool that allows students to compare loans offered by private banks and credit unions. Students may choose any lender even if they are not represented on this historical list.
Please make sure to also use the loan estimator tool located in the top left corner of Elmselect. This will assist you in estimating the interest rate, monthly payment, and total cost of the loan.
Borrowing Limit: Students may borrow up to the school’s cost of attendance minus any other financial aid received.
Co-Signer: It is likely that the student will need a co-signer due to their age and length of credit history. This does not have to be a parent.
Items to consider before applying:
The interest rate
If the interest rate is fixed or variable (can change)
Repayment options; When does the loan go into repayment?
If the co-signer can be released from the loan
Loan Period Dates
Private loan applications require a requested loan period. Use the following dates to indicate what semesters you are intending to borrow for.
**Please Note:Incomplete or extended loan periods will result in a delay in processing.
2022 - 2023 Academic Year
Fall - Winter
8/29/2022 - 4/21/2023
Fall, Winter, & Spring
8/29/2022 - 5/25/2023
Fall Only
8/29/2022 - 12/9/2022
Winter Only
1/9/2023 - 4/21/2023
Spring Only
4/30/2023 - 5/25/2023
Summer
5/30/2023 - 8/22/2023
Past Due Balance? If you owe on your account for a term you previously attended, you will need to see if your Lender approves “Past Due Balance Loans” . You will need to request the loan using the Loan Period Date for the term you attended. Please contact the Financial Aid Office if you need assistance with determining the loan period dates.
Loan Application Process
The student applies for a loan with the lender of their choice through Elmselect Lender’s “Apply Now” button. You may also apply directly from a lender’s website.
If the loan is approved, the lender sends the college an electronic certification request once the lender has received all required information from the borrower and/or co-signer.
Once received, the loan is applied to the student’s account as pending until the funds are electronically transferred by the lender.
Funds will be disbursed to student accounts no earlier than the first week of classes.
Because of a change in the law, starting February 14, 2010, lenders will require student applicants to supply a Self-Certification Form as part of the application process. The lender should provide the form to you either online or in the mail.
Information on Completing the Self Certification Form
The cost of attendance will be the total amount of tuition, fees, room, and meals for the loan period.
The estimated financial assistance will be the total of any grants, scholarships, awards, and other loans the student is receiving.
Example: 2022 - 2023 Full year loan period Sept - May
Full Time Tuition 13-18 credits $45,346
Activity Fee $270
Room and Meals Standard Double room and meal plan A or B $12,623
Total Cost of Attendance: $58,239
Total Financial Assistance: $34,000
Difference: $24,239
If you have questions about any of the federal or alternative loan programs, please call the Financial Aid Office at 989-463-7347.
*Neither Alma College nor the Financial Aid Office promotes, endorses or recommends any of these loan products or lenders.
If you would like to cancel your loan please provide the following information in an e-mail to FinAid@alma.edu
Your Full Name
Student ID number
Loan Type: Private loan and Lender Name
Amount you would like to cancel
Note: if you have multiple loans please specify the term and the original loan amount approved.
IMPORTANT – If you cancel your loan you may be left with an outstanding balance. Arrangements will need to be made immediately to pay this balance.
IMPORTANT: Federal student loans are typically less expensive and offer better terms than private student loans. Exhaust your eligibility for federal student loans before resorting to alternative loans by filling out the FAFSA each year.
Preferred Lender List and Disclosures
Alma College has no preferred lender arrangements for private student loans.
Code of Conduct if Preferred Lender Arrangement
Alma College has no preferred lender arrangements for private student loans.
Private Education Loan Disclosures if School Provides Information about a Private Education Loanfrom a Lender to a Prospective Borrower
Alma College has no preferred lender arrangements for private student loans.
Private Education Loan Disclosures if Preferred Lender Arrangement Exists
Alma College has no preferred lender arrangements for private student loans.
Code of Conduct if Participate in Title IV Loan Program
The Financial Aid Office at Alma College is committed to removing financial barriers for those who wish to pursue postsecondary learning, making every effort to assist students in their college fiscal planning. Alma College does not require the use of particular lenders or in any way limit the choice of lenders. Furthermore, Alma College will process loan applications through any lender a student or parent chooses. For more information on the code of conduct upheld by Alma College please refer to: https://www.alma.edu/offices/financial-aid/office-code-of-conduct/.
