Financial Aid
Alternative (private) loans are for students (and their parents) who are not eligible for other types of financial aid or who need additional funds to meet educational expenses. All eligible students should complete the Free Application for Federal Student Aid (FAFSA) to determine federal student grant and loan eligibility. Federal Direct Loans (subsidized and unsubsidized) almost always offer lower borrowing cost and more favorable terms tailored to students and their families.
The University of Memphis has partnered with ELM to assist borrowers and their families in evaluating their alternative/private loan options. By clicking the ELM button below, you will be taken to the ELM website where you can search and compare various loan options. Students and parents should carefully research multiple options and choose the lender that best meets their individual financial needs. You may also choose lenders that are not listed on the ELM website.
IMPORTANT:
(1) Most alternative loans require a credit check.
(2) Being denied for a loan can negatively affect your credit score.
(3) Your chances of approval are greatly enhanced with a co-borrower.
**NOTE: Our office does not endorse any particular program. This information is provided
for your convenience only and is subject to change without notice. You should request
current information directly from the lender or company offering the program.