ATTENTION GRADUATE AND PROFESSIONAL STUDENTS!!!

 

We strongly recommend that students enrolled in a graduate or professional program borrow the Graduate PLUS Loan instead of an alternative student loan.   Some benefits of the Graduate PLUS Loan are:

 

• Fixed interest rate of 7.9% for Direct Graduate PLUS Loans
• Eligible for federal consolidation

 

 

What is an alternative student loan?

An alternative, or private, student loan, is a credit based supplemental education loan by private lenders to help “fill the gap” between your cost of attendance (COA) and what the Financial Aid Office can award.  Because alternative student loans are not subsidized by the federal government, they generally have a higher interest rate than federal loans.  Students may be required to apply with a co-borrower.

Although this is a “private” loan, lenders do require the Financial Aid Office to certify the loan so that the student does not borrow more than their cost of attendance.  The Financial Aid Office can help you determine your eligibility for an alternative student loan. 

Will my credit be considered?

 

Yes, students and co-borrowers (if required) must meet the lender’s established minimum credit criteria.  Lenders may consider a number of factors when determining loan eligibility such as credit-worthiness, debt-to-income ratio, and Students and co-borrowers can obtain a copy of their credit report from any of these major credit reporting agencies:

 

 

 

How much can I borrow?

 

Students should apply for federal student aid before applying for an alternative student loan.  Graduate and professional students should also check their eligibility for the Graduate PLUS Loan before applying for an alternative student loan.     

 

Generally, students may borrow up to their cost of attendance minus any other aid received.  However, we recommend you borrow only what you actually need.  The chart below lists the maximum amount you should request based on the standard cost of attendance.  These amounts do not include any additional costs, such as childcare expenses. 

 

Major	Resident	Non-Resident
Dental Hygiene	$35,000	$50,000
Nursing - B.S. (Traditional)	$35,000 (Juniors) $30,000 (Seniors)	$55,000 (Juniors) $45,000 (Seniors)
Nursing – B.S. (Accelerated)	$40,000 (Juniors) $25,000 (Seniors)	$60,000 (Juniors) $35,000 (Seniors)
Nursing – B.S. (Worksite)	$30,000 (Juniors) $35,000 (Seniors)	$45,000 (Juniors) $35,000 (Seniors)
Pharmacy (1st year students only)	$40,000	$50,000
Dental International Student Program	$62,000 (Class of 2010) $60,000 (Class of 2009) $45,000 (Class of 2008)

 

 

How to Evaluate and Choose a Lender

If you make good choices about lenders right from the start, the whole process will go more smoothly, from application to that final payment. You'll want to compare the following aspects of lender services when deciding which lender to choose:

• Interest rates, fees and terms:  How is your interest rate calculated?  Can I get a better interest rate by applying with a co-signer?  Are there any additional fees for this loan?  What are the terms of the loan?
  
  
• Customer service: Can you reach a live operator quickly to check on the status of your loan during hours convenient for you?
  
  
• Loan application processes:  Can you apply online? Is instant loan approval offered?
  
  
• Repaying your loan:  How soon do I have to start repaying the loan after graduation or dropping below half-time status?  Does the lender offer deferment or forbearance options while I’m in school and after graduation?      
  
  
• Early payment:  Are there any penalties for paying off the loan early?
  
  
• Repayment plans:  What repayment plans and options are available?
  
  
• Repayment incentives:  What incentives does the lender offer for borrowers who pay on time or make loan payments electronically?
  
  

Recommended Lenders

Students seeking an alternative student loan must initiate the process by contacting a lender of your choice.  You must notify the Financial Aid Office that you have applied for an alternative student loan and which lender you selected.  The lender should submit a school certification request to the school.  Once UCD processes the certification request, you will be contacted by e-mail informing you of the total amount certified and the amount and date of each disbursement.  Funds will be sent to the school and must be used to pay tuition and fees first.  Any remaining funds will be sent to you via electronic deposit or by mail.

 

Alternative Student Loans (Apply using School Code 004508-00) Listed below are links to lenders used by students at UCD Anschutz Medical Campus over the past academic year.  We encourage you to utilize the information in the “How to Evaluate and Choose a Lender” section above when selecting your lender.  Please note that you are not limited to the lenders this list.  Please refer to your lender for specific eligibility requirements and terms. Undergraduate students:  Check with your lender to see if you may qualify for a lower interest rate by applying with a co-signer.   Graduate and professional students:  Please contact the Financial Aid Office if you are not eligible for the Graduate PLUS Loan to discuss other funding options. International students:  Most lenders require international students to apply with a co-signer who is a U.S. citizen or permanent resident with a valid social security number

 

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