Private Loans

As an undergraduate student, the UNMC financial aid office may not be able to fund your entire cost of attendance with grants, scholarships, and federal student loan aid. You have been awarded an OTHER PRIVATE LOAN as a "placeholder" award to show you your eligibility for a private loan.

The Other Private Loan option most often requires a credit-worthy co-signer for approval. Students are strongly encouraged to apply with a co-signer to ensure the borrower receives the best interest rate possible on the approved loan. The loan application will require a credit check on both the borrower and the co-signer.

Private student loan lenders must follow the Truth in Lending Act (TILA) regulations established for private lenders. Simply stated, the lenders must provide you with clear credit disclosures to provide you ample time to cancel the loan before it is originated, notification of when the funds will be released, and the terms of the loan. Each disclosure will be sent to the email address you provide on your application. The lender will provide you a set amount of days to respond to the disclosures. If you do not respond to the disclosures, the lender must exhaust the entire number of disclosure days before moving to the next step of originating the loan. As a result of these TILA regulations, a private student loan is not a loan that can be delivered to UNMC in a short amount of time. You must ensure you are complying with the disclosures to move the loan process along. In other words, if you wait until the last minute to submit a private student loan application, it will take up to 2 weeks (or more) for the process to be completed. Please plan your borrowing needs accordingly.

If you have questions regarding the Alternative Loan process, please email and your email will be directed to the financial aid staff person responsible for processing alternative loan applications. You may also contact us at 402-559-4199. To connect with the loan processor, press 2 and then 1 when the voice response system prompts you to do so.