Undergraduate Student Lender Lists

Financing Your Undergraduate Education

Welcome!
We are pleased to offer undergraduate students a variety of ways to finance their education while in attendance at the University of Maryland. There are Federal Stafford need- and non-need based loans, Federal PLUS Loans, Private Loans and payment plans.

Federal Stafford Loans
Undergraduate students who qualify for federal loans may borrow accordingly:

Academic Year	Dependent Maximum	Independent Maximum
Freshman	$5,500	$9,500
Sophomore	$6,500	$10,500
Junior/Senior	$7,500	$12,500

For additional information and annual and lifetime limits, see http://www.financialaid.umd.edu/osfa/Staffordlimits.html.

All federal loan programs require the FAFSA be filed before eligibility can be determined. To be eligible for federal need and non-need based loans, undergraduate students must be:

• A U.S. citizen or permanent resident
• Enrolled in a degree-granting academic program
• Enrolled in at least half-time per semester

Eligibility Requirements...federal loans must be re-paid. Repayment will begin six months after graduation or after dropping below half-time status. The interest rate for the Federal Subsidized Stafford Loan is 5.6%, the interest rate for the Federal Unsubsidized Stafford Loan is 6.8%.

Federal PLUS Loans:
Those students who need additional funds in any one academic year, may utilize the Federal PLUS Loan program to help cover any remaining educational expenses. Parents of undergraduate students may borrow up to the cost of education minus other aid. You may use any lender of your choice. If you need suggestions, please see our preferred lender list below.

Private Loans
In addition to the Federal Perkins, Stafford, and PLUS loan programs, several private lenders offer private student and/or parent loans. These loans are usually more expensive than the federal loans and the costs vary widely between programs. All of these lenders will review the borrower's credit history and some of them will require a loan cosigner. Students/Parents may borrow up to the student's yearly Projected Cost of Education minus any other aid the student is receiving (including other student/parent's loans).

Payment Plans
Information about payment plans is available from the Office of the Bursar at www.umd.edu/bursar.

 

If you have any further questions, please contact our office at 301-314-9000 or visit us at 1135 Lee Building.

 

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Federal Stafford and Federal Parent PLUS Loans
Preferred Lender List

Lender Name	Lender Code	Customer Service #
	802218	1-888-272-5543
	803000	1-800-999-9080
	826878	1-800-999-9080

** Click here for a detailed comparison of lender rates and fees.

 

ALTERNATIVE LOAN
Preferred Lender List

Lender Name	Customer Service #
	1-800-695-3317
	1-866-306-0868
	1-800-967-2400

** Click here for a detailed comparison of Alternative Loan lender rates and fees.

Not sure who your lender is? Search for your lender here.