Remember to borrow what you need not what you want.

Less is better.

Click on the Loan Counseling tab for more information about accepting and declining a student loan.  Remember to borrow what you need not what you want.  Less is better.

Choosing a lender for your Federal Stafford Student Loan,

your Federal GradPLUS, and/or a Federal PLUS

It is your choice who you choose as your lender for your Federal Student Loan Program.  Although the UMC Office of Student Financial Aid has a working relationship with various lender-partners, you may choose any lender.

Click here to choose your lender.

For a lender to become a lender-partner, the lender was required to prepare a Request for Information (RFI).  The RFI was reviewed by the Lender Partner Assessment Committee.  If the lender met or exceeded the required RFI score, then the committee interviewed the lender.  After the interview, the lender’s RFI score and Interview score were totaled.  If the lender met or exceeded the minimum score, then the lender was selected as a lender-partner.

To receive a loan from a Federal Student Loan Program, the loan funds must come to the UMC Office of Student Financial Aid.  If your loan funds do not come to the Office of Student Financial Aid but are sent directly from the lender to you, then the loan IS NOT a student loan from a Federal Student Loan Program.  This non-Federal Student Loan most probably will have a higher interest rate than a student loan from a Federal Student Loan Program.

Review each lender, and compare the various borrower benefits and repayment benefits that each lender offers to its borrowers.

You may choose any student loan lender even if the lender is not a lender-partner.  However, please do your homework; and be an informed borrower before you choose your student loan lender.

Choosing an Alternative Student Loan

or Private Student Loan

An Alternative Student Loan or Private Student Loan is to be used after you have exhausted all of your Federal Student Loan eligibility.

To choose a lender for an Alternative Student Loan or Private Student Loan, it is important for you to do your homework and research various lenders. Each Alternative Student Loan or Private Student Loan’s interest rate is determined by the lender and most likely will be HIGHER than the Federal Student Loan Programs interest rates.

It is your choice who you choose for your alternative student or private student loan.  However, please do your homework; and be an informed borrower before you choose your alternative or private student loan.

Choosing a Lender for Student Loan Consolidation

Many students ask the question, should I consolidate my student loans.  Consolidation is a viable option, but consolidation is not for everyone.  You should consolidate your student loans for a reason such as a better interest rate or a longer period of time for repayment not because it is graduation.  However, many lenders do offer the option for extended repayment which will allow you to have a longer time to repay your student loans without consolidating your student loans.  If you choose extended repayment, then you pay more over the life of the loan, but the monthly payment is less.

Please click here for information about student loan consolidation from the Financial Wellness section.  You also may call your lender or your guarantor for more information about consolidation or extended repayment. A student loan guarantor is not a student loan consolidator; and therefore, it is a neutral third-party.  UMC institutional student loans cannot be consolidated.

It is your choice who you choose to consolidate your student loans.  However, please do your homework; and be an informed borrower before you choose your student loan consolidator.

A medical student may apply for a residency relocation loan in the M3 or M4 year.  This loan is NOT a loan from a Federal Student Loan Program.

It is your choice who you choose for your residency relocation loan.  However, please do your homework; and be an informed borrower before you choose your residency relocation loan.

Click here for Resident Relocation Information.

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