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Private Educational (Alternative) Loan Programs
Many private (non-federal) lending organizations offer loan funds to assist students with their educational and living expenses. Sometimes referred to as 'alternative' loans, these non-need-based programs can help bridge the gap between the total cost a student incurs to attend UCM and the funding being received from federal, state and other financial aid programs. For certain private loan programs, principal and/or interest payments can sometimes be deferred until after the student graduates or otherwise drops to less than half-time enrollment status.
You're encouraged to avoid borrowing private educational loan aid unless absolutely necessary. This is because such loans normally carry a higher total cost over the lifetime of the loan. Many private loan programs are available, but the University of Central Missouri does not endorse any particular loan program for our students.
Please be advised that a student borrows private educational loan funds in his/her own name; however, a creditworthy co-signer is almost always required for the loan to be approved. In addition, the private educational loan funds a student may receive, combined with his/her federal, state and other assistance, cannot exceed the UCM Cost-of-Attendance assigned to the student for the loan period.
Important! Recently-enacted federal legislation dictates that before a private educational loan can be finalized, a Self-Certification form (available by clicking here) must be completed, signed, and provided to your lending institution.
In Section 2 of the self-certification form, you're asked to enter the UCM cost of attendance for the period of enrollment covered by the loan and the estimated financial assistance you're receiving for this period. This information is available at your MyCentral portal.
If you have questions about the Private Education Loan Applicant Self-Certification process, you're welcome to contact the UCM Office of Student Financial Services.