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Alternative Loans

An Alternative Loan is designed primarily to help students with educational expenses. Any student can apply for an Alternative Loan (must be enroll at least half time). Alternative Loans may be used to help cover unpaid balances from a previous term or academic year OR to cover current expenses. In other words, alternative loans were designed to bridge the gap between college costs and traditional financial aid resources.

Alternative Loans cannot exceed the Cost of Attendance minus other Financial Aid. Alternative Loans are offered and serviced by private loan lenders. Students should exhaust federal loan eligibility before borrowing an Alternative Loan.

Eligibility for an Alternative Loan is based on the student's and co-signer's (if required) credit history. Most Alternative Loans have a variable interest rate. MSMC is an impartial party and cannot recommend any particular lender. Once you been APPROVED you MUST email Jimmy Lau at jlau@msmc.la.edu the below steps in order for your loan to be processed.

• Your Student ID number
• The Lenders name and phone number
• The amount for which you been approved
• Which semester is this loan for? Fall, Spring or Summer

Alternative Loan Self-Certification

Download the Alternative Loan Self-Certification Form
Note: Some lenders might ask the student to complete the form online during the online application process.

Recent changes to Title X of the Higher Education Opportunity Act (HEOA) require that a series of three loan disclosures be provided to Alternative Loan borrowers throughout the application process and that the borrower also complete an Alternative Loan Self-Certification Form prior to the loan being disbursed.

The purpose of the disclosures is to:

• Present the terms/cost of the loan in a clear and consistent manner.
• Allow for comparison shopping and re-evaluation of borrowing an alternative loan during the application process.
• Present lower cost federal options that should be exhausted prior to considering an alternative loan.
• Reduce overall borrower indebtedness.

The student is required to complete the Alternative Loan Self-Certification Form and return it to the Alternative Loan Lender. The Alternative Loan Lender will not disburse any loan funds until the student’s completed form has been received.