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Federal Perkins Loans are low interest (5%) loans for eligible undergraduate students with financial need.  UMA is your lender;  however, Federal Perkins Loans are made with federal funds with a share contributed by UMA.  You must repay this loan with interest beginning nine months after you leave half-time enrollment.  Students are awarded based on the availability of funding.

Nursing Loans are low-interest rate (5%) loan available to eligible UMA Nursing Program students with financial need.  You must repay this loan with interest beginning nine months after leaving half-time enrollment in the UMA Nursing Program.  Students are awarded based on the availability of funding.

If you have been awarded a Nursing Loan, click on the Application Disclosure to access additional information..

Federal Stafford Loans are available either through the U.S. Department of Education (William D. Ford Direct Loans OR through the Federal Family Education Loan Program (FFELP) for lending institutions such as banks or credit unions. UMA participates in the William D. Ford Direct Loan Program.  Eligible students can receive both subsidized and unsubsidized loans during the same period of attendance.

Federal Subsidized Loans are offered to eligible students based upon financial need.  Payment of principle is deferred and interest is paid by the federal government while the student is enrolled at least half-time.

Federal Unsubsidized Loans are offered to eligible students.  Payments of the principle are deferred, but the interest accrues or is paid by the student while in school.  Caution: if you allow the interest to accumulate (capitalize) the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.  You may choose to pay the interest to your lender as it accumulates to avoid additional costs that result from capitalization.

Federal PLUS Loans (Parent Loans for Undergraduate Students)  UMA participates in the Federal Direct PLUS Loan Program.  These loans are available for parents of dependent undergraduate students with a good credit history to pay the educational expenses for students enrolled at least half-time (six credit hours per semester).  Please contact the financial aid office to request the PLUS loan. Parents will be required to complete an electronic Master Promissory Note and Entrance Counseling session at

 **Please note-All loans processed by UMA for students and/or parents will be reported to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

 Alternative Education Loans are private education loans not guaranteed by federal funds and are commonly called “alternative loans” and have different eligibility criteria determined by the individual lenders.  We recommend that parents and students consider these programs after Stafford and PLUS loan options have been explored. 

Our list of alternative loan lenders has been researched carefully and compiled based on interest rates, originations fees, Satisfactory Academic Progress requirements, payment of prior balance options, repayment terms and options, enrollment options, as well as other factors.   There is no obligation for students to use the lenders listed and may apply for an alternative loan with any lender they choose.  The list is available as a tool for students to start their search and a way to compare different alternative loan options.

UMA Preferred Lender List 

The Federal Government requires all Private loan borrowers to complete an Applicant Self Certification form.  The lender should provide this document, however, you may print it here.