Alternative Loan Information

An Alternative loan is an educational loan through a lender with no ties to the federal government or MUIH that allows students to borrow additional funds after federal student loans have been exhausted. There are many private lenders that offer alternative loans.

  • The choice of which lender to borrow from is a decision that the student must make.
  • The Office of Financial Aid will certify an alternative loan from any lender the student chooses.
  • Students should always consider the Federal Loan Programs first. We recommend that you conduct a search on the internet to identify alternative student loan lenders. Alternative loan programs differ from Federal Direct Loans in several important ways.
  • Interest rates are normally variable rates that change on a quarterly basis. Students are responsible for researching the terms and conditions of all loan programs.
  • Loan and interest rates are based on credit approval and approval is not guaranteed. · MUIH is not involved in the credit decisions or denials for these loans. Questions are best addressed to the individual lender.
  • Loans are not federally guaranteed; therefore, they do not have the same deferment, cancellation and consolidation benefits. The entire alternative loan process can take up to six weeks.
  • The amount a student may apply for is limited to their cost of attendance minus any other financial aid they are receiving.
  • Students should review all lenders and determine which loan program best meets their needs.
  • Please keep in mind that some alternative loan lenders require students be enrolled at least halftime or require that they meet reasonable academic progress.
  • As you compare lenders, be sure to identify educational loan products.
  • Not all lenders provide loans for students who are enrolled less than half-time, not in a degree seeking program or not making Satisfactory Academic Progress. You should select lenders who provide loans for students in your situation.
  • After choosing a lender, a student should contact the lender directly to apply for the loan. Most lenders will have an on-line application process.
  • While we encourage students to compare lenders, students should only apply with one lender.
  • Lenders may require supporting income and employment documentation and/or co-signer.
  • Once the lender has approved the loan, a certification request will be sent to MUIH. It can take up to 10 business days from the date the certification request was received until the loan is actually certified.
  • Once MUIH receives the loan, the Financial Aid Office and Business Office will process the disbursement and issue a refund check if one is due.

Private Education Loan Applicant Self-Certification

Submit Your FAFSA

The 2023-24 FAFSA is now available
School Code: G25784

Start FAFSA

Preferred Lender List/Preferred Lender Arrangements

MUIH does not use a Preferred Lender List. Students have the right and responsibility to select the lender of their choice.

Apply for Aid

Types of Aid

Awards & Disbursement

Cost of Attendance

Forms

Policies