Alternative (private) loans are managed and processed by private lending institutions to be used for educational or housing costs after exhausting all federal and state financial aid options, or in conjunction with the financial aid award.
ELMselect is an online, lender-neutral, platform to display a historical list of lenders that students have used over the past five years. Visit ELMSelect to search for an Alternate Loan.
College Access Loan or the CAL loan program provides alternative educational loans to Texas students who are unable to meet the cost of attendance. Click here to find out more information about the requirements and qualifications of this program.
What steps should I take to apply for a loan?
Prior to receiving the loans you will be required to complete 2 steps and enroll in at least a half-time course load (6 hours for undergraduates):
- Entrance Loan Counseling
Before you are allowed to borrow from the federal student loan programs, you must receive educational information concerning your rights and responsibilities. The entrance loan counseling session is designed to provide students with this information. This is a federal requirement that cannot be waived. Want more information, Try this resource – Entrance Counseling Guide for Direct Loan Borrowers.
- Master Promissory Note
The Master Promissory Note is a binding agreement between you and the federal government agreeing to the terms of the loan. Available after July 1 or each year.
Direct Loan Origination Fee Calculator