Other Funding Options

The following options are provided for those students who need additional assistance after applying through the regular financial aid process first.  You are encouraged to use our Budget Worksheet to help determine your borrowing needs. 
 

Please read before viewing the following worksheet: 
Once on the actual worksheet, click on the 'download' arrow in the upper
right hand corner and open the document with Adobe Reader to make it interactive.

Budget Worksheet for Incoming Students

Budget Worksheet for Students Continuously Enrolled Fall of 2018 or later

Budget Worksheet for Students Continuously Enrolled since Prior to Fall of 2018

 
The following information is not listed in any particular order.  Students and their families are encouraged to research these resources and choose one that best meets their individual needs and circumstances.
 
It is always most beneficial for a student to pursue financing options through the standard financial aid application process first.  The terms and conditions of federal loans may be more favorable to a borrower than the provisions of a private loan.
 
 

Parent Loans for Undergraduate Students (PLUS)

  • Credit based loan
  • For parents of dependent students as determined by the FAFSA
  • Student must be enrolled at least 1/2 time (6 credits)
  • In parent name only
  • Repayment is parent's responsibility only
  • Interest rate based on 10 year Treasury Bill
  • Interest rate changes every July 1
  • 2020-2021 interest rate is 5.3%
  • There is a 4.236% origination fee taken from loan
  • Repayment begins 60 days following full disbursement of loan
  • Can request deferment of payment as long as student is enrolled at leat half time
  • Student must be making Satisfactory Academic Progress
  • Student must file a FAFSA

 

When applying for Parent Plus loan, be sure to log in using the Parent's FSA User ID (not the student's) and follow the links for Parent Borrowers.   

Parent Plus Loan Application

 
 
NOT ELIGIBLE FOR FINANCIAL AID (INCLUDING FEDERAL LOANS) DUE TO ACADEMICS?
 
For students who are not meeting the minimum standards of our Satisfactory Academic Progress Policy, there are a number of private lenders that do not have academic standards.
 
Please note that the lenders MEFA, Discover and Student Choice currently require Satisfactory Academic Progress.
 
Students who are not eligible for financial aid because they are not meeting the standards of our Satisfactory Academic Progress Policy may apply through the following lenders.  There may be other lenders that also offer loans for these students that we are not aware of. It is the student's responsibility to confirm academic requirements set forth by the lender.
 
    

CITIZENS BANK: TRU-FIT LOAN  -  www.citizensbank.com/student-loans/private-student-loan.aspx

COMMONBOND - www.commonbond.co

EDVESTINU - www.edvestinu.com

RISLA - www.risla.com/risla-student-loans

SALLIE MAE  - www.salliemae.com

*WELLS FARGO - www.wellsfargo.com/student/  

* Please note-Wells Fargo is accepting loan applications for 20-21 from existing borrowers only. (borrowers who have a previous loan with them)

 
 

Private Alternative Loans

We highly recommend that students complete the FAFSA  to apply for all low, fixed interest rate Federal Direct Stafford Loans before considering private, credit-based alternative loans. 
 
  • Credit based loan
  • Student is primary borrower and will most likely need a credit-worthy co-signer for approval
  • Interest rate is usually based on credit-worthiness of co-signer
  • Most lenders require that the student is enrolled at least 1/2 time (6 credits)
  • Interest rate is often variable
  • Usually the most expensive way to finance an education
  • Most lenders allow deferment of payment as long as student is enrolled at least half time 
  • Some states have a state sponsored loan authority.  These non-profits may be able to provide you with cost effective loan options

 

WHERE DO WE BEGIN?

Student Financial Services is pleased to offer you the FASTCHOICE website which provides detailed and valuable information on different alternative loan programs.  The FastChoice website has an easy to read chart that gives you important lender information including current interest rates.  You can also click to apply with the lenders shown right from the chart.

 
  • Alternative loans may not be used as credit against your tuition bill until all paperwork has been completed with the lender and certified by our loan coordinator.
  • This process can take anywhere from a few days to a few weeks, depending upon the lender. 
  • Once the loan has been certified by MMA's loan coordinator, the loan will show as 'pending financial aid' on the student's e-bill.
  • You are encouraged to borrow the full amount that you will need for the academic year.
  • 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
  • If you choose to borrow on a semester by semester basis:
    • For the fall semester, this should be done no later than early July
    • For the winter semester, no later than early November
    • 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.