UMass Boston

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)

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

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.

Financial Aid

UMass Boston
Campus Center, 4th Floor
100 Morrissey Blvd.
Boston, MA 02125

Phone: 617.287.6300
Fax: 617.287.6323
Merit-Based Scholarship