Alternative Loans

These loans are used by Mount students to supplement family resources available for educational expenses. Although they are student loans, a credit worthy cosigner or co-borrower is usually necessary for dependent undergraduate students. We strongly encourage students to research and understand their financial obligation before borrowing any loans.

***IMPORTANT***
 On May 8, 2008, President Bush signed into law a $2,000 increase to the Federal loan limit for students already determined eligible for the Stafford Loan.  The additional amount is unsubsidized (meaning interest will accrue while the student is enrolled), but students are still encouraged to take advantage of this opportunity before borrowing an alternative loan.  If you have already submitted paperwork for your Stafford Loan to the Financial Aid Office, you should email finaid@msmary.edu to apply for the additional $2,000.  If you have yet to apply for your Stafford Loan, you should include the additional $2,000 on your Stafford Loan Certification Form.  If you require additional financing beyond the new Stafford Loan limit, follow the steps below.

To learn more about these loans and to apply online, click on the link below. Interest rates, loan fees, and repayment provisions vary from lender to lender. Also, some lenders offer interest rate reductions for on-time payments and having automatic payments made from your bank account.

1. Go to www.selectyourlender.com for information concerning suggested lenders.  Compare loan products and borrower benefits.

2. Use the link provided on www.selectyourlender.com to apply for the loan.  Be prepared to provide the amount you wish to borrow.

3. Once approved, sign the application. It is preferable to do this electronically with the PIN number from your FAFSA. If you do not have a PIN number or the lender does not provide this option, you’ll either be prompted to print the Promissory Note or the lender will mail you one so that you may sign it and return it to the lender.   If your co-signor is not able to apply at the same time, you will be able to provide him or her with a password to complete the co-signor section at a later time.

4. Be sure to list the loan period as 8/2008-5/2009, and have a requested loan amount. The loan cannot be processed without this information.

5. The lender will notify MSM of the loan’s approval and request certification from the university.

Recommended Deadline: In order to meet the university’s billing deadline, the above steps should be completed by July 11. This enables a family to review their first semester bill (mailed at the beginning of July) to determine how much they will need to borrow per semester.