Student Financing
Mount Saint Mary's College

Student Financing

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. 

How to Apply for an Alternative (Private) Loan

1.       Contact a lender of your choice to inquire about a private student loan which may include 

       your local bank or credit union, for additional information.

2.       Complete the application process.

3.       Once approved, email Jimmy Lau at jlau@msmc.la.edu  with the following information: 

·         Your student identification number

·         The lenders name and phone number

·         The amount for which you have been approved

·         How would you like the loan to be disbursed (e.g., Fall, Spring or Summer)?

 

Alternative Loan Disbursement Dates 2012-2013

Fall 2012

08/31/2012

09/14/2012

10/05/2012

Spring 2013

01/18/2013

02/01/2013

03/01/2013

Summer 2013

04/27/2013

05/21/2013

06/07/2013

 

Alternative Loan Disbursement Dates 2013-2014

Fall 2013

09/06/2013

09/20/2013

10/04/2013

Spring 2014

01/24/2014

01/31/2014

02/28/2014

Summer 2014

04/22/2014

05/27/2014

06/06/2014