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Loan Information

Alternative Loans

Alternative/private loans can be used to fund educational programs up to the Cost of Attendance for a specific academic year of enrollment. They typically supplement an award package that includes federal loans and/or scholarships. In some instances where federal loans can not be awarded, alternative/private loans are used as the only source of funding.

UMDNJ has created a preferred list of alternative/ private lending programs to assist potential borrowers with their selection. Alternative/private loans are in general based upon credit readiness. Your ability to select an alternative/private loans is not exclusive to this list. In some stances, a co-signer may be required. You are encouraged to be educated consumers and review and compare all rates, terms and conditions prior to finalizing your lending program decision. A list of questions that should be asked when selecting a loan program follows the list below.

Once approved by your selected lender, you must notify your Financial Aid Office in writing, the name of the loan program selected, you name, University ID number and the academic year the loan has been applied for. Once received and all necessary supporting documents are satisfied, your alternative/private loan will be added to your award package and certified for disbursement.

Questions to ask in reference to a loan program

  1. Are there fees charged on the loan? If so, at what percent.
  2. How often is interest capitalized? Does the capitalization change upon entering repayment?
  3. Are there borrower benefits associated with the program? If so, what are they.
  4. How often is a statement provided summarizing loan balances, interest accrual and the expected monthly payment?
  5. How assessable are loan representatives via the phone?
  6. What are your hours of operation?
  7. How long has the company been offering educational loans?
  8. How can payments be made? i.e.,US mail, phone, with or without a fee, online?
  9. Does the program offer insurance on the loans?

Programs are listed in alpha order


DISCOVER- Undergraduate, graduate and professional

NJCLASS LOAN - Undergraduate, graduate and professional

SMARTOPTION LOAN - Undergraduate, graduate and professional International Students with US co-signer


Wells Fargo - Undergraduate, graduate and professional


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