Private Credit Based Loans

Alternative Loans

 
Students applying for a private, alternative loan should have a credit worthy co-signer. Also, please be advised that private alternative loans typically have a variable interest rate and are often the most expensive way to finance an education.  Final decisions on fees and interest rates are dependent upon the credit-worthiness of the borrower and co-signer.
 
You may want to check if your state has a State Sponsored Loan Authority.  These non-profit loan authorities may be able to provide you with cost effective loan options. The Financial Aid Office is pleased to offer you a website that allows you to read about your various loan options and at the end make an educated choice on a student alternative loan.  Please visit the FASTCHOICE website to receive valuable information on financial assistance as well as get a list of lenders to choose from. 
 
Alternative loans may not be used as credit against your tuition bill until all paperwork has been submitted and finalized with the lender and certified by the MMA Financial Aid Office. This process can take any where from a few days to a few weeks, depending upon the lender.  Once the lender notifies the MMA Financial Aid Office that all necessary paperwork has been submitted, the loan will be certified by the MMA Financial Aid Office and notification will be sent to the Office of Student Accounts (Business Office). Student Accounts will then use the loan as pending credit toward the bill. Students are encouraged to begin the application process as soon as they determine that additional funds are needed to avoid late fees on their billed charges.  For the fall semester, this should be done no later than early July, for the winter semester, no later than early November and for the spring semester, no later than early January.
 
MMA and its employees do not recommend any lenders, or receive any reimbursements, kickbacks or gifts of any kind from student loan lenders.

Please contact Marissa Barros, MMA Loan Coordinator by email at mbarros@maritime.edu or at 508-830-5222 with any questions.