Financial Aid Office

Alternative Educational Loan

Many financial institutions provide long-term educational loans for students who have exhausted their eligibility or who are ineligible to borrow through Federal loan programs, as well as those who need additional aid to meet their educational costs. These loans are issued based on the creditworthiness of the borrower and/or co-borrower. Students are encouraged first to exhaust all possibilities for federal and state financial aid programs before seeking alternative loans.

Selecting an alternative loan program is a personal decision and borrowers are encouraged to compare loan programs based on:

•  interest rates
•  disbursement/repayment loan fees
•  loan limits (minimum and maximum)
•  repayment terms and grace periods
•  co-borrower requirements
•  citizenship status

Borrowers should research several lenders that will best meet their needs and circumstances before submitting an application.

Please note the following when seeking an alternative educational loan:

1. Review the loan program's general eligibility requirements to determine if the program meets your specific circumstances:
   •  Undergraduate or graduate student
   •  UT Dallas admission status: degree*, certificate, non-degree student
   •  Enrollment level: (SEE BELOW )**
   •  Satisfactory Academic Progress (some lenders require you to meet standards set by the Financial Aid Office).

2. Follow all loan application instructions and respond to your lender's requests for further information to expedite your application. Include UT Dallas (Federal School Code 009741) in your list of schools.
3. When your lender approves your credit and receives your promissory note, your lender will request information from the UT Dallas Financial Aid Office.
4. The UT Dallas Financial Aid Office will provide information regarding your eligibility (loan period and amount, disbursement dates, admission status, and enrollment level, etc.) directly to your lender.
5. Alternative loan funds received electronically from your lender will be disbursed to your UT Dallas Student Account if all loan eligibility requirements are met at the time of disbursement. If your funds are received via paper check, instructions for picking up your paper loan check will be emailed to your UT Dallas email address.

* Students taking courses in pursuit of the Pre Health Program or CPA Certification only may apply for alternative loans that do not require school certification.

** UT Dallas Enrollment Level depends on the following number of semester credit hours (SCH) you are enrolled each semester/summer session:

           Enrollment Level      Graduate SCH    Undergraduate SCH
                 Full time                   9 or more               12 or more
                  ½ time                           5-8                          6-11
                < ½ time                         1-4                           1-5

Alternative Lender Selection

Any student is free to choose from the vast numbers of lenders who participate in the alternative lending community.  The Financial Aid Office suggests that the student should always borrow conservatively and budget their expenses to maximize federal loan eligibility first. 

The application process for an alternative loan differs from the federal loan process.  You will access the application directly through the individual lender websites.  After you have submitted the application and your loan is approved, UT Dallas should receive the information electronically though TGSLC (Texas Guaranteed Student Loan Corporation).  If you choose a lender who does not participate in electronic processing through TGSLC, then you will need to apply using that lender’s preferred application method and have them send UT Dallas a “Certification Request”.