Private Loans

Private loans are credit-based loans offered through a variety of lenders such as banks, credit unions and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender.

Private Loans

Private loans are a source of additional financing to meet your educational costs. The maximum that can be borrowed each year is the cost of attendance minus all other financial aid awarded.

Private Education Loan Application and Solicitation Disclosure (PDF)

Preferred Lender List

To help our students start the search for an alternative loan lender, we review loans from various lenders. A review committee consisting of financial aid staff seeks out loan products that are in your best interests. We adhere to the university Code of Conduct for Student Loans, which prohibits inducements by private lenders.

Loan and and lender evaluation criteria

  • Interest rates
  • Terms and conditions
  • Benefits
  • Customer service
  • Approval rate
  • Student experience with the lender

Explore our Preferred Lender List

You may research and compare alternative loan options on our list. It is not a comprehensive list, and you are free to pursue any private lender of your choice.

Choosing a Private Lender

Points to consider when choosing a private lender

  • Interest rates
  • Fees
  • Approval rate, which is the overall rate that applicants are approved for a loan
  • Cosigner release
  • Customer service
  • Benefits
  • Accruing interest added to the principal amount of the loan while you are enrolled in school
  • Payments required while you are in school — it’s in your best interest to make payments while you are in school but this may not fit your budget

How to Apply

  1. Decide on a lender
  2. Apply for a loan with the lender completing the application paperwork
  3. The lender will provide you with an Approval Disclosure, Applicant Self Certification form and Acceptance of Loan Terms form. The Applicant Self Certification and Acceptance of Loan Terms must be signed and returned to the lender. If you choose not to file the FAFSA and only want to pursue a private loan, you must complete an Alternative Loan Request (PDF) and return it to the Financial Aid and Scholarships Office.
  4. The Financial Aid and Scholarships Office will be notified by your lender that you have completed an application. The lender requires us to verify you are eligible to receive the loan. This is the certification process.
  5. UMKC Financial Aid and Scholarships will review your account, add the loan to your financial aid package and send the certification information to your lender.
  6. The lender sends you a Final Disclosure. After a regulatory waiting period — usually several days long  the lender sends the funds to the UMKC Financial Aid and Scholarships Office.
  7. UMKC Financial Aid and Scholarships disburses the funds to the Cashiers Office.
  8. If you apply for an Alternative Loan, please note that the Applicant Self Certification Form is a federal requirement through the Truth In Lending Act (TILA) and the Higher Education Act of 1965 (HEA), as amended. The lender may provide you with the self-certification form or you can download the form. If you need help completing this form, please contact the Financial Aid and Scholarships Office.