Private Loans

San Diego Miramar College offers alternative loans (a.k.a. Private Student Loans)


  • Alternative loans  (a.k.a. Private Student Loans) are not part of the federal student loan programs; therefore, federal guarantees and benefits may not apply. Benefits to borrowers are at the sole discretion of the lender.
  • The lender you select MUST be able to process the loan through ELMOne, a single processing gateway;
  • Alternative loans are more expensive than federal student loans and should only be used when all other federal and state alternatives have been exhausted. This includes scholarship funds.
  • San Diego Miramar College does not and will not certify an alternative loan to any student without a current aid year FAFSA  on record and his/her federal aid eligibility determined and processed.
    • Go to to complete the financial aid application.
  • YourFICO score will play an important role in determining your interest rate. The score takes into consideration the borrower's repayment history, amount of credit allowed, the highest debt balance, borrowing patterns, over the limit accounts, bank over-drawings, etc.
  • The time in which the interest rate will be determined:
    • At the time of signing the promissory note (present time) or,
    • At the time of repayment (unknown date and personal financial circumstances).
  • The kind of interest rate assigned to the loan:
    • Fixed Interest Rate will not change from the time of signing the promissory note until paid in full.
    • Variable Interest Rate will change according to the terms in the promissory note. Make sure that you understand the terms of a variable interest rate.
  • The lender's loan limit.
    • Many lenders allow a student to borrow from as little as $500.00.  Each lender will publish their aggregate maximum borrowed loan limit.
  • The  student's loan limit is determined by the following formula:
    • Published Cost of Attendance / Budget any other aid = Student's Alternative Loan Limit.