Private Loans Available
The Office of Financial Aid 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 indicate your eligibility for a private loan.
UNMC is providing a preferred lender list with the following lenders:
ELFI EdMed Loan – a collaboration with the AAMC and ELFI for students enrolled in DDS, MD, PharmD, MSN and DNP programs
Nelnet Bank Premier Graduate Loan – for students enrolled in DDS, Dental Certificate, MD, PharmD, OT, PT, PA, MSN, and DNP programs.
SallieMae – offers several loan options for health professional students.
Students in other UNMC programs, please visit the UNMC Fast Choice Alternative Loan link and follow the site guidance for choosing a private lender and completing their loan application.
- We encourage students to complete the Borrowing Essentials tutorial 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.
- Some private loans will require a credit-worthy co-signer for approval.
- Once approved for a private loan, the lender will electronically send your loan approval information to UNMC for eligibility verification and loan certification.
- When your private loan has been processed, the lender name and certified amount will be displayed on your MyRecords financial aid award screen, and the ‘other’ private loan will be removed.
- We will set up the loan in accordance with the requested dates on the loan application. Our office will send you a new Award Notification to advise you that your award package has been updated.
- Alternative loan funds are received at UNMC via electronic funds transfer. Your lender will provide a date when the funds will be delivered to UNMC.
- Please allow three to five business days from the receipt of funds to the issuance of any credit refund balance that may result with the loan disbursement.
Private student loan lenders are required to follow the federal Truth in Lending Act (TILA) regulations. These regulations require lenders to provide borrowers with clear disclosures and allow borrowers a 14-day right to rescind after the school certifies a private loan. Disclosures will be sent to the student’s email address provided on the application, so please carefully review all disclosure notifications. Students are encouraged to complete the private loan application process at least one month prior to the start of the semester.
Students may borrow private loan funds with any lender, and UNMC will process applications based on approval date.
If you have questions regarding the private loan process, please email the Office of Financial Aid or call 402-559-4199.
Residency Relocation Loans
The costs associated with interview travel and relocation are not required for graduation and cannot be funded with federal student aid. If you require student loan assistance to fund these costs, your only option will be a residency/relocation loan. The residency/relocation loan is between you and your lender. The Office of Financial Aid is not involved in this process.
Refer to the Residency and Relocation Loans - To Borrow or Not to Borrow from AAMC for more information.
