Alternative Loans
Before pursuing alternative/private student loans, UIC encourages students to review available payment options, including monthly payment plans through the Bursar’s Office and Federal student loan options through the Office of Student Financial Aid and Scholarships.
The terms of Federal Student Loans are generally more favorable and should be considered before private student loans.
UIC does not have a preferred lender list. However, to assist you in your search, ELM Select is a lender-neutral online platform that helps students and families explore and compare educational loan options based on their specific needs.
The platform allows users to view, filter, and evaluate loan details, including interest rates, repayment terms, and eligibility requirements. Students may choose any lender, including lenders that do not appear on the ELM Select list. The lenders displayed in ELM Select are based on data from lenders most commonly used by UIC students during the 2024–2026 academic years.
Remember to carefully read the terms, conditions and requirements of any private loan. Some lenders will not approve loans for the following scenarios:
- Enrolled less than half-time.
- Not meeting UIC’s Satisfactory Academic Progress (SAP) requirements.
- Classified/Admitted as a non-degree-seeking student.
- Receiving financial aid up to their Cost of Attendance(COA).
- Owing a balance from a previous semester (Past due Balance Loan).
After approving a loan application, lenders will send a certification request to the school to verify that the amount requested does not exceed the COA and meets the lender’s requirements.
UIC will apply the loan funds directly to the student’s account once the lender disburses the funds. Loan proceeds will first be used to pay eligible university charges, including tuition, fees, and on-campus housing (if applicable). Any remaining funds will be refunded to the student by the University Bursar.