These loans are used by Mount students to supplement family resources available for educational expenses. Although they are student loans, a credit worthy cosigner or co-borrower is usually necessary for dependent undergraduate students. We strongly encourage students to research and understand their financial obligation before borrowing any loans.
To learn more about these loans and to apply online, click on the link below. Interest rates, loan fees, and repayment provisions vary from lender to lender. Some lenders, including Sallie Mae, now require students to begin paying the interest on the loan while in school. Also, some lenders offer interest rate reductions for on-time payments and having automatic payments made from your bank account.
- Go to www.selectyourlender.com for information concerning suggested lenders. Enter 'Maryland' for the state in the drop down box and then select Mount St. Mary's. Compare loan products and borrower benefits.
- Use the link provided on www.selectyourlender.com to apply for the loan. Be prepared to provide the amount you wish to borrow.
- Once approved, sign the application. It is preferable to do this electronically with the PIN number from your FAFSA. If you do not have a PIN number or the lender does not provide this option, you’ll either be prompted to print the Promissory Note or the lender will mail you one so that you may sign it and return it to the lender. If your co-signor is not able to apply at the same time, you will be able to provide him or her with a password to complete the co-signor section at a later time.
- Be sure to list the loan period as 8/2015-5/2016, and have a requested loan amount. The loan cannot be processed without this information.
- The lender will notify the Mount of the loan’s approval and request certification from the university.
For the Alternative Loan to appear on your July billing statement, the above steps should be completed by July 6.