Skip to Main Content

Alternative Financing

Alternative Financing options

Stop! Apply for Financial Aid

Before considering private loan options, we recommend that you apply for federal, state and institutional financial aid, including federal student loans. If you are considering educational private loans, you should apply only after applying for financial aid and received notification from The Solution Center. UMass Lowell strongly encourages all students to apply for financial aid each year online at Free Application for Federal Student Aid (FAFSA).

Monthly Payment Plan

The Monthly Payment Plan is another financing option available to families. This service enables you to make payments in monthly installments for the semester's tuition and fees. This is not a loan program, and there are no finance or interest charges. There is, however, a non-refundable application fee. Find out more about your options with Flywire.

Alternative Loan Disclosures

*Please Note: The University of Massachusetts Disclosure Statement Concerning Lenders for Private/Alternative Student Loans: 2022-2023.

Every student/parent/guardian has the right to select their lender. The lenders listed at this site are independent entities. The University of Massachusetts makes no representations, warranties, or guarantees, implied or otherwise, as to the lenders listed at this site or that the financing options presented at this site are the most attractive terms available to any particular student, or parent, or guardian of a student seeking financial aid. Also, information may not be updated or timely or may be subject to data entry errors or changes by the lender. Please read carefully final loan agreements or promissory notes and understand their payment terms and other obligations.

The university is not a lender and is not engaged in rendering legal, accounting, financial planning or other related professional services. Any agreements entered into with the lenders whose products are included at this site will exist solely between the lender and the borrower, and the university assumes no obligation or liability in connection with any such agreements.

The university recommends that borrowers consult with their own expert advisors before making educational financing decisions. Students and their parents/guardians have the right and ability to select the education loan provider of their choice, and are not required to use any of the lenders listed below. There will be no penalty for choosing a lender that is not included as a lender on this site, if you wish to use another lender not listed here, you have the right to do so.

The lenders listed on this website responded to a publicly solicited Request for Response for private/alternative student loans. This request document can be found on the Internet by searching for the document number UMCEN-2022-0186. The university reviewed information regarding each lending institution’s background, loan program requirements, and customer service and program affiliations. The interest rate, fees, or loan cost offered by these lenders may not be the lowest available. In addition, a lender may change the rates, terms, fees, and other information from that which was presented in their original responses. The university will review the status of each lender at least annually and may add or drop lenders from this list.

The university reviewers from the University of Massachusetts campuses at Lowell, Dartmouth, Boston and Amherst have declared no personal affiliation, financial interest, benefit, or other personal ties related to these lenders in a signed affidavit maintained on file at the university.

Try Elm Select - The lender comparison tool!

Elm Select is a lender comparison tool where students and parents can research the terms and conditions of different lenders. Through ELM Select , families can choose the loan that best fits their personal financial situation, educational goals and objectives.

Go to Elm Select to start comparing today!

Alternative Loan Options

Below find Alternative Loan options available based on enrollment status. Please note that the order of lenders in each section is not alphabetical, but rather was determined by random selection to avoid any perceived preference. Please review and choose the loan which best fits your needs:

halfEnrolled Half-Time (6 credits) or Greater

LenderLender Disclosures
Merrimack Valley Credit UnionMerrimack Valley Credit Union
College Ave Student Loans
College Ave Student Loans
KHEAAKHEAA
Digital Federal Credit Union
Digital Federal Credit Union
Federal Direct Parent PLUS Loan
Federal Direct Parent PLUS Loan
Citizens Bank
Citizens Bank
Discover Student Loans
Discover Student Loans
UMass Five Credit Union
UMass Five Credit Union
Federal Direct Graduate PLUS Loan
Federal Direct Graduate PLUS Loan
NHHEAF Network/EDvestinU
NHHEAF Network/EDvestinU
PNC Financial Services Group
PNC Financial Services Group
Sofi
Sofi
Sallie Mae Student Loans
Sallie Mae Student Loans
RISLA (RI Student Loan Authority)RISLA (RI Student Loan Authority)
Union Federal Student Loans
Union Federal Student Loans
Nelnet
Nelnet
AAA Advantage Loan
AAA Advantage Loan
MEFA (Massachusetts Educational Financing Authority) MEFA (Massachusetts Educational Financing Authority) 
Custom Choice Loan - Cognition FinancialCustom Choice Loan - Cognition Financial  

lessEnrolled Less Than Half-Time (1-5 Credits)

LenderLender Disclosures
KHEAA
KHEAA
College Ave Student Loans
College Ave Student Loans
Nelnet
Nelnet
Sallie Mae Student Loans
Salle Mae Student Loans
RISLA (RI Student Loan Authority)
RISLA (RI Student Loan Authority)

certEnrolled In Certificate Program

LenderLender Disclosures
Sallie Mae Student Loans
Sallie Mae Student Loans
Sofi
Sofi
Federal Direct Graduate PLUS Loan
Federal Direct Graduate PLUS Loan
Federal Direct Parent PLUS Loan
Federal Direct Parent PLUS Loan
PNC Financial Services Group
PNC Financial Services Group
College Ave Student Loans
College Ave Student Loans
RISLA (RI Student Loan Authority)
RISLA (RI Student Loan Authority)
KHEAA
KHEAA
NHHEAF Network/EDvestinU
NHHEAF Network/EDvestinU

nonEnrolled as Non-Degree

LenderLender Disclosures
RISLA (RI Student Loan Authority)
RISLA (RI Student Loan Authority)
Sallie Mae Student Loans
Sallie Mae Student Loans
NHHEAF Network/EDvestinU
NHHEAF Network/EDvestinU

SAPIf Not Meeting Satisfactory Academic Progress (SAP)

LenderLender Disclosures
Union Federal Student Loans
Union Federal Student Loans
AAA Advantage Loan
AAA Advantage Loan
Sallie Mae Student Loans
Sallie Mae Student Loans
Sofi
Sofi
Custom Choice Loan - Cognition Financial
Custom Choice Loan - Cognition Financial
Citizens Bank
Citizens Bank
KHEAA
KHEAA
NHHEAF Network/EDvestinU
NHHEAF Network/EDvestinU
RISLA (RI Student Loan Authority)
RISLA (RI Student Loan Authority)
PNC Financial Services GroupPNC Financial Services Group
NelnetNelnet

InternationalInternational Students 

Please Note: The following lenders may require international students to have a co-signer who is a U.S. Citizen or a U.S. Permanent Resident.  Please consult directly with the lender about their requirements before applying.


LenderLender Disclosures
Sofi
Sofi
Nelnet
Nelnet
College Ave Student Loans
College Ave Student Loans
Citizens Bank
Citizens Bank
Sallie Mae Student Loans
Sallie Mae Student Loans
AAA Advantage Loan
AAA Advantage Loan
Discover Student Loans
Discover Student Loans
NHHEAF Network/EDvestinU
NHHEAF Network/EDvestinU
Union Federal Student Loans
Union Federal Student Loans

Parent-borrowerLoans For Parent Borrowers

LenderLender Disclosures
RISLA (RI Student Loan Authority)
RISLA (RI Student Loan Authority)
KHEAA
KHEAA
Citizens Bank
Citizens Bank
College Ave Student Loans
College Ave Student Loans
Sofi
Sofi
Discover Student Loans
Discover Student Loans

Each Lender has different enrollment criteria. Please be sure to indicate your status correctly in order to avoid delays or errors in lender choice.

Loan Options for Past Due Balances While No Longer Enrolled

If you are no longer actively enrolled at UMass Lowell and are seeking funding to cover a past due balance, we encourage you to check directly with a lender regarding their past due balance policy BEFORE completing a loan application with them.

Past due policies vary widely from lender to lender. Some lenders do not cover past due balances at all and others only allow for a past due balance within a certain time frame (previous semester, 3 months, 1 year, etc.) Lenders may also change their past due policies at any time, so it is best to confirm eligibility criteria directly with the lender prior to application.

Additional criteria may also be required by certain lenders – i.e. whether you are meeting Satisfactory Academic Progress according to the university’s policy or have a minimum enrollment (at least half-time or 6 or more credits.)

Eligibility criteria are often outlined on a lender’s web site. Be sure to double-check in advance to avoid any unnecessary delay in certifying and applying loan funds to your student account.

Lastly, if your past due balance is from a term that ended over one year ago and you’re no longer enrolled, you are likely not eligible for a loan with any educational lender. In this case, you may choose to seek a personal loan to cover any outstanding balance (not an educational loan), or make other payment arrangements.


Important Information Regarding the New Alternative Loan Process

Effective February 14, 2010, the Higher Education Opportunity Act (HEOA) requires that before a private educational lender may consummate a private education loan for a student in attendance at an institution of higher education, the private education lender must obtain the completed and signed Self-Certification Form from the applicant.

Students may obtain a Private Education Loan Applicant Self-Certification Form from their lender or can download their own version of the Private Educational Loan Applicant Self-Certification (pdf). 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 SiS Self Service account and clicking on the financial aid summary link. This form must be submitted to the lender, not the school.

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.

The Financial Aid Office will not certify a Private Loan until the borrower’s file is 100 percent complete with the lender. Borrowers should verify with their lender that all required documents have been completed and received.

Below is additional information regarding our Suggested Lender Selection Criteria and our Code of Conduct:

  1. Code of Conduct (pdf)
  2. Alternative Lender Selection Criteria
  3. University of Massachusetts Disclosure Statement for Private Lending