Alternative Loans

Private Educational Loans

Salisbury University uses Education Loan Management Resources (ELM), a not-for-profit mutual benefit corporation, to display private lenders along with the certification and disbursement processing of the student loans.

  • These loans are borrowed in the student's name but may require a co-signer
  • Private loans accrue interest while the student is in school. Lenders may require the student pay the interest as it accrues while attending school
  • The interest rate may be based on the credit history of the student borrower and the co-signer
  • Depending on your lender, the loan process can take three (3) to six (6) weeks from the time you apply until receipt of funds at Salisbury University.

Before signing a promissory note for the loan, please be sure you understand the interest rates and fees associated with your loan. Once your loan is approved, the lender will contact the Financial Aid Office at Salisbury University for further processing. Please click the following link to access specific lender information and submit loan applications: ELM

If you should decide to use a Private Educational Loan to supplement your Federal financial aid, please read the following notice:

In compliance with the Federal Reserve and Department of Education rules and regulations effective February 14, 2010, students who borrow private educational loans are required to complete the Private Loan Self-Certification Form for each loan requested, before loan funds will be disbursed.

To complete the Private Education Loan Self-Certification Form, you will need to provide your demographic information as well as information about your Cost of Attendance and your Estimated Financial Assistance. Please refer to the menu commands below to view the Salisbury University Cost of Attendance and your Estimated Financial Aid. If you did not file a FAFSA, you will still need to complete the Cost of Attendance on the Self-Certification Form.

  • Cost of Attendance: GullNet > Self Service > Campus Finances > View Financial Aid (click on Financial Aid Summary)

  • Estimated Financial Assistance: GullNet > Self Service > Campus Finances > View Financial Aid

Do not submit your self-certification form to Salisbury University. The form must be completed by the borrower and sent to the lender that you are applying with.