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Alternative Student Loan Options 

Before considering an alternative loan, we encourage you to apply first for federal grants and loans that have more favorable terms and conditions than a private educational loan. 

To help you complete an alternative loan application, here are the estimated costs of attendance. However, Student Financial Services recommends that you apply for a loan after you receive your bill. Bills are mailed in early July and mid-November.

The following links are for credit-based private educational loans. Student Financial Services strongly advises that you research multiple types of loans before applying for an alternative student loan. For many of the loans, interest is variable at prime plus a percentage and a co-signer is usually required. Repayment may begin immediately. Students do not need to be eligible for financial aid in order to apply for an alternative student loan.

MCLA has chosen to list these loans based on the review of disclosure information submitted by these lenders. We are posting their websites for your convenience.  

Please remember, you may choose one of the lenders listed or one of your own. Make sure that you research each loan for current interest rates and terms before choosing a lender.

These loans are listed based on borrower volume at MCLA and a 'Request for Information' (RFI) from the lenders, not in order of College preference.  Information for Graduate borrowing can also be found through the lenders listed below.

Additionally, Sallie Mae, a student loan servicer listed below, has created a useful guide with resources on college planning and responsible borrowing.


MEFA is Massachusetts state financial authority offering both parental and student loans. Loans are available to both Massachusetts residents and out-of-state students attending a Massachusetts school. Interest rates are fixed.

MEFA Loan Information


Private Student Loan Lenders