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Home > College Offices > SFS Updates > Types of Financial Aid > Alternative Loans
Alternative Loans
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Mount Holyoke College meets the calculated need of its students with institutional, federal and state funds. Mount Holyoke encourages students to fund the family contribution through savings and current year earnings to the greatest extent they are able. If educational loan borrowing is needed, a PLUS or MEFA Undergraduate Loan is usually a lower cost alternative. However, at times, students may need to seek alternative loan sources. Students should always ensure they have maximized their low-interest federal student loan eligibility first. The payment plan is also a recommended option to reduce the amount of financing needed.
Tips for Minimizing Your Need to Borrow
- Continue searching for scholarships.
Parents and Students should also check with employeers and community organizations as this can be a good source for scholarships.
- Enroll in the interest-free TuitionPay Monthly Payment Plan.
- Save money over the summer.
Tips for Selecting an Educational Loan
- Take out the maximum in federally guaranteed student loans. See more information on student loan maximum limits. Remember that any domestic student can borrow a Federal Direct Student Loan (FDSL) whether they are applying for other financial aid or not. All that is required is the Free Application for Federal Student Aid (FAFSA).
- Students whose parent has been denied a PLUS loan have two options; an additional unsubsidized student loan or getting an endorser for the PLUS loan (another relative who can pass the credit check and promise to repay if the parent can't).
- Focus on discounts that are impossible to lose. Learn more...
- When applying for a private loan, use a co-signer with a higher credit score to get the lowest rate possible.
- Don't apply for too many loans. Multiple loan applications will likely reduce your FICO score.
- Consider a lender who has a low rate, yet a narrow spread between the lowest and highest rates.
- Private Student Loan Comparison Chart on Finaid.org
Any off-site links above do not represent endorsement by Mount Holyoke College.
Features
Students should consider the following, among other features, when researching loans:
Interest rate (based on Prime or Libor) • Co-borrower required or recommended (may mean a lower rate or reduced fees) • Origination Fees (front-end benefits) • Repayment benefits and costs (automatic or earned) • Repayment timing and cost of deferral • Servicer (will the borrower retain the servicer and all repayment benefits for the life of the loan) • Limit on options for grad school and/or non-profit career
Loan programs listed below have been popular because the lenders have demonstrated a commitment to provide economical funding options, exceptional customer service and technology, and reasonably attainable borrower-benefits for Mount Holyoke students. It is not exhaustive or exclusive. Mount Holyoke realizes no financial or other benefit in providing this list. This list exists solely as a service to Mount Holyoke students and represents only a small portion of the loans available to students. Students always have the right to the lender of their choice and Student Financial Services will process any loan requested. SFS is happy to discuss these options with students, but will not direct them to a particular funding source.
Offsite links are provided as a courtesy and do not imply endorsement by Mount Holyoke College.
Loans for Domestic Students
Loans for International Students
Loan Comparison Tools
Please email Student Financial Serivices if you wish to give us feedback on a past or present loan you have borrowed. We would like to know why you chose your loan or if you have concerns about the lender or loan program you chose.
You may also want to read Freuently Asked Questions about MHC student loans...
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