If after you have borrowed your full eligibility under the federal student loan programs you find that you still need additional funding, or if you do not meet the eligibility requirements for the federal loan programs, you may wish to pursue an alternative loan from a private lender. Before deciding to borrow from an alternative loan program, you may wish to consider borrowing through federal loan programs that may have more favorable terms and conditions. You may apply for any amount up to the cost of education, as determined by the Financial Aid Office, minus any other aid (including federal loans) that you are receiving. There are many options, and you will want to compare several lenders to find the alternative loan that best meets your needs. As a starting point, we have compiled a list of preferred alternative loan lenders. The lenders appearing on the list have been chosen without prejudice and for the sole benefit of Monmouth University students. Interest rates and fees, borrower benefits, life of loan servicing, and meeting customer service standards have all been taken into consideration. You may view our lender scorecard and contact the Financial Aid Office with any additional questions.
You are free to choose ANY lender—whether it is on the list or not—without penalty. In the event that you choose a lender not appearing on the list, please notify the Financial Aid Office so we may assist in processing your loan.
Should you elect to borrow through any private loan financing program, Monmouth University will—upon request—provide you with the information necessary to complete the required self-certification forms, to the extent that we have the information on our student data system. To request this information, please contact the Financial Aid Office at 732-571-3463.
The Monmouth University code of conduct with regard to loans may be viewed online.
Additionally, the National Association of Student Financial Aid Administrators code of conduct with regard to loans may also be viewed online.