Private loan costs vary widely between programs. All private lenders will review the borrower’s credit history and some will require a loan co-signer. Private educational loan programs traditionally offer higher borrowing costs than federal loan programs. For more information, please visit the Student Financial Service center (1135 Lee Building) or the Office of Student Financial Aid.
Due to the higher borrowing costs, you generally should not consider borrowing private student loans unless any of the following situations apply:
UM offers a convenient, affordable alternative to lump-sum tuition payments. The Terp Payment Plan enables you to divide your yearly educational expenses into eight (8) or ten (10) manageable monthly payments.
One Semester 4 & 5 month plans are also available.
Check the Office of the Bursar website for Terp Payment Plan information.