Alternative Loans

Students should only pursue an alternative loan after exploring the federal options.
  • These are credit-based loans in the student's name. Interest rates vary from lender to lender.
  • Available to all students who can be approved by a lender.
  • Student is credit-approved for this loan with the lender of their choice. For the most favorable interest rate, students need a credit-worthy co-signer.
  • The amount is not to exceed the student's Cost of Attendance minus the student's financial aid.
  • The student must reapply with their lender each year they want the loan. Some lenders require the student to maintain Satisfactory Academic Progress (SAP), and maintain at least half-time enrollment. Check with your lender.

If you are approved, your lender will notify us and request that we certify your enrollment and amount of eligibility.

For more information about how to choose a lender and apply, click here.

You should not be directed to any specific lender by the University; you may choose any participating lender and follow their application process.


Choosing a Lender

Some important factors for you to consider in choosing a lender include cost (interest rates and potential origination fees), flexibility (re-payment options), and customer service. Common customer service considerations include the availability of a fixed rate loan product, account information online, deferment options, and co-signer release options. 

Preferred Lender List

Baylor utilizes ELMSelect, a neutral lender and product comparison tool, to present the lenders on our preferred lender list to you. Access our lender list by visiting: 

IMPORTANT:  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 lender and follow their application process. 

We provide this list as a resource for you to research and make the best selection for your educational funding needs. This list is not exhaustive and other options are available. You do not need to borrow from a lender on this list. 

Placement on the lender list is the result of our annual evaluation of the lender's borrower benefits offered, timely processing, flexibility, historical certification levels at Baylor University, and customer service to you and our staff. To ensure lenders on this list are selected based on the best interests of the borrowers we specifically review: 

  • Payment of origination or other fees on behalf of the borrower.
  • Highly competitive interest rates, or other terms, conditions, and/or provisions. 
  • High quality loan servicing. 
  • Additional benefits beyond typical standard terms, conditions, and/or provisions in loan borrowing. 

We exercise a duty of care and loyalty to our students when compiling the preferred lender list without prejudice and for the sole benefit of students and families at Baylor University.  We will not deny, impede the borrower’s choice of lender, or cause unnecessary delay in loan certification for those who choose a lender that is not included on the preferred lender list. 

When viewing Lenders on ELMSelect, PLEASE BE SURE TO: 

  • Click on the VIEW button to see more information about the lender and loan options. 
  • View the DETAILS to see the Lender & Servicer information to understand any vendor affiliation to other lenders on the list.