Student Financial Services
Alternative Loans

Preferred Lender List
Baylor utilizes ELMSelect, a neutral lender and product comparison tool, to present the lenders on our preferred lender list to you. Click here to visit our lender list on the ELMSelect site. You will be asked to list your graduation date in the search criteria; an approximate date is all that is required.

Rights and Responsibilities
You have the right to decline any financial aid that you are offered. You have a number of rights and responsibilities pertaining to borrowing student loans. Click here for a list of important rights and responsibilities of which you should be aware.

The lender you choose will require you to complete a Private Education Loan Applicant Self-Certification form. For a copy of the form that you may print, click here. (The lender may provide the form for you electronically. We recommend you use the version provided by the lender because you may be able to expedite it by electronically signing and submitting it.)

Alternative loans should only be considered once you have explored the lower interest rate options available through the Direct Subsidized/Unsubsidized and/or PLUS loan programs. Some families turn to alternative loans when the federal loans don't provide enough money or when they need more flexible repayment options. (For example, a parent might be willing to cosign a note for the student but may want the student to bear primary responsibility for repaying the loan.)

Advantages of a Co-signer

Eligibility for alternative loans often depends on the student's credit score; therefore, a cosigner is usually required. Even if a cosigner is not required, the student can generally receive a more favorable rate with a cosigner. Alternative loans tend to cost more than the education loans offered by the federal government but are less expensive than credit card debt. You need to consider the cost, flexibility and customer service in choosing an alternative lender.

Fixed versus Variable

Some lenders offer a fixed rate product, while others offer a variable rate product. Some lenders offer both types. A fixed interest rate will not fluctuate over time. A variable interest rate moves (up or down) based on changes of an underlying index. Some variable rate loans have an interest cap which cannot be exceeded.

Determining How Much to Borrow

Use your award letter or contact a counselor in this office to determine your maximum alternative loan eligibility. You should only request loan funds to cover your specific educational needs rather than the maximum allowed for the enrollment period. You are NOT restricted to the lenders presented on our preferred lender list. You should not be directed to any specific lender by the University; you may choose any participating lender and follow their application process.

2014-2015 Loan Periods

Use the following dates for 2014-2015 loan periods on your application. Please note, on-line programs may have different loan periods. Contact our office if you have questions. Also, please remember to enter the requested loan amount.

Undergraduates and Graduate Sudents

Fall/Spring 08/25/14 - 05/11/15
Fall 08/25/14 - 12/16/14
Spring 01/12/15 - 05/11/15

Law Students

Fall/Winter/Spring 08/25/14 - 05/01/15
Fall 08/25/14 - 11/07/14
Winter 11/10/14- 02/06/15
Spring 02/09/15 - 05/01/15

Preferred Lender Arrangements

Some important factors for you to consider in choosing a lender include cost, flexibility, and customer service. Common customer service considerations include the availability of a fixed rate loan product, account information online, deferment options, and cosigner release options.

Baylor's lender list was established by an open Request for Information (RFI) process and scored by a University committee who reviewed submissions from lenders in 2013 on the basis of borrower benefits and services, customer service to students and staff, and service standards in the past academic year. Placement on the lender list is the result of our evaluation of the lender's borrower benefits offered, flexibility, and customer service to you and our staff.

To comply with the Higher Education Opportunity Act of 2008 (HEOA), Baylor has adopted the federally mandated Code of Conduct for Education Loans to address specific legislative concerns relating to educational loan programs.