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.
- If you choose to proceed with this loan offer, you are required to visit the UNMC Fast Choice Alternative Loan link and follow the site guidance for choosing a private lender and completing their loan application.
- Your lender will send your loan application to UNMC for eligibility verification of your requested loan amount and loan certification.
- We encourage all students to take the Borrowing Essentials tutorial, provided on the Fast Choice web page, to ensure you understand the lender’s interest rate calculations, the difference between fixed and variable interest rates, and the lender’s repayment benefits/requirements, in-school enrollment deferment requirements, etc.
- When we receive your loan application, we will post the value of your requested loan amount as the amount accepted on your MyRecords financial aid award screen. The ‘other’ loan will be removed from your award screen and replaced with your lender of choice loan (ex: Discover, Wells Fargo, etc) and the amount requested. When the lender name/amount appears on your MyRecords award screen, your loan has been approved and certified with your lender of choice.
- We will set up the loan in accordance with your program’s academic year disbursement calendar (fall/spring; fall only; spring only). Our office will send you a new Award Notification to advise you that your award package has been updated. At that time, if the loan disbursement set up is not satisfactory to meet your term costs, please advise our office to modify the disbursement set up. Your request to revise the disbursement amounts must be made in writing. Our office will not adjust an award amount or disbursement date based on a phone call.
- Alternative loan funds are received at UNMC via ACH (electronic funds transfer). Your lender may provide you a date of when the funds will be delivered to UNMC; however the transfer of funds may occur at any time on that date (even after business hours). Please allow 3 – 5 business days for the loan process to run its course, from the receipt of funds in our office, to the issuance of any credit refund balance that may result with the loan disbursement.
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 firstname.lastname@example.org 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.