Alternative Loans for Non-Degree Seeking Learners in Non-Credit Programs

Source: https://www.sfa.ufl.edu/alternative-loans-non-degree/ Parent: https://www.sfa.ufl.edu/types-of-aid/loans/

Alternative loans are available for non-degree seeking learners to meet non-credit program expenses. The lender will look at your credit history as well as other factors to determine if it will lend to you. You may be denied by one lender and approved by another because they interpret your information differently.

The University of Florida (and specifically the Office of Student Financial Aid and Scholarships) DOES NOT recommend specific lenders or assist with private lender application processes.

Before You Apply

We recommend that you review many alternative loan lenders and research their policies and loan terms to decide which lender is best for you. Make sure lenders will approve loans for a non-degree certificate in an approved non-credit program.

Things to Consider when Selecting a Lender

Applications and Eligibility

Requirements vary according to lender. Some of the most common requirements are listed below.

The borrower:

• must be listed as the learner. (UF does not participate in Parent Borrower Alternative Loans).
• must be a non-degree seeking learner in an approved non-credit program.
• must be a creditworthy borrower or a borrower with a creditworthy co-signer.
• may be required to be a U.S. citizen, permanent resident, or eligible non-citizen.
• must use school branch code: 00153599 when requesting a loan from the lender.

ELMSelect is an external website that allows students to review participating lenders, compare loan products, and apply for private (alternative) loans.

The lenders listed on ELMSelect are those our students have used in the past; however, this list is not exhaustive. The University of Florida will certify alternative educational loans from any eligible lender, including those not listed on ELMSelect.

Students are encouraged to compare multiple lenders to identify the rates, terms, and customer service options that best meet their needs.

Interest Rates and Fees

Private loans are credit-based and may include:

• Origination or processing fees
• Credit-dependent interest rates
• Variable or fixed rate options

Important: Advertised rates may only apply to highly qualified borrowers. Your rate may be higher depending on your credit profile. Always review your promissory note carefully.

Repayment and Deferment

Most lenders allow deferment while enrolled at least half-time, meaning you don’t make payments while in school. However, interest usually accrues during deferment. Some lenders offer interest-only payments while in school.

Most loans include a grace period after graduation (typically 6–12 months). Repayment terms vary by lender, so check each loan for details.

Borrower Benefits

Borrower benefits can significantly alter the cost of your loan. Make sure you research the fine print on a lender’s borrower benefits and keep up your end of the bargain.

Some borrower benefits can be lost if you fail to continuously pay on time and/or discontinue the use of auto debit for your monthly payment or if your loan is sold to another lender.

Additionally, if you fail to keep meeting the requirements you may owe your lender the amount you have saved.

Helpful Hints

• Compare several lenders before deciding.
• A co-signer with strong credit may lower your interest rate.
• Keep copies of all loan documents.
• Record lender contact information.
• Follow up with your lender to check loan status.
• Make sure your “Home Mailing Address” is up to date. Checks for alternative loans must be mailed, and an invalid address may cause long delays in receiving your money.
• Alternative loan applications will ask that you enter a requested loan period, or the dates for which you need a loan. When requesting a loan, you must have the non-credit program begin and end dates.
• When requesting a loan from the lender, the lender must use school branch code: 00153599.

Academic Year 2025-2026 Loan Periods

Use the following dates when completing your application:

Questions to Ask Prospective Lenders

Before choosing a loan, ask:

• What is the interest rate (fixed or variable)?
• What is the APR?
• Are there fees?
• When does repayment begin?
• Is interest deferred while in school?
• Is there a grace period?
• Can a co-signer be released later?
• Are there penalties for early repayment?
• What borrower benefits are available?
• What happens if the loan is sold?
• Is customer service available 24/7?