All loan borrowers at LMU are encouraged to complete the Free Application for Federal Student Aid (FAFSA). Although a student may be approved by your lender to borrow an alternative (private) loan, LMU will not certify or disburse any loan funds until they complete Alternative Loan Counseling with the Financial Aid Office. LMU does not prefer, recommend, promote, endorse or suggest any lenders. LMU will process loans from any eligible lender that a student selects.
Private (Alternative) loans are credit-based loans offered by a variety of lenders. These loans are borrowed by the student and require the student to have a satisfactory credit history or a creditworthy co-borrower. Students may borrow up to their LMU cost of attendance, minus any other financial aid they receive. Loan fees, interest rates, and repayment terms vary by lender, so please review all application information very carefully.
The Financial Aid Office encourages all students to exhaust all university, state and federal financial aid programs prior to applying for a private loan. The terms and conditions of loans under these programs may be more favorable than those of private education loans. Information on federal and state aid programs, as well as how to apply, is available here.