Choosing a loan not listed on this site
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this web site
There are many lenders providing various educational loans in the
market today. It is impossible for us to have working relationships
with all of these lenders, not to mention loan servicers and
guarantors. To assist with the loan processing of these various
federal PLUS loans and private, alternative loans, we use a national
loan processing system called ELM. The ELM system allows us to
electronically process federal and private educational loans. Most
of the country's lenders are members of the ELM system. The ELM
system also disburses all of these loan payments to us.
If you choose to borrow from a lender not listed on this web site,
please inquire as to whether the lender is a member of the ELM
system prior to applying.
If the lender is a member of ELM, proceed to apply through their
process whether it is via the phone, on-line, or paper. After the
lender receives your application and promissory note they will
contact us via the ELM system. We will then be able to process the
loan electronically.
If the lender does not have a working relationship with ELM we will
need to process the loan manually. If we need to process the loan
manually:
1. we ask that we receive a signed and completed application prior
to July 15 for the fall term; by December 15 for the spring term, so
please apply early;
2. please provide our loan counselor the mailing address to where
the paper application is sent and a phone number of the processing
agency;
3. please send the loan counselor a copy of the loan approval notice
or a copy of the loan denial notice by August 15 for the fall term
or by January 15 for the spring term; (Note that this refers to the
actual final approval after the loan has been certified by Hampshire
and the signed application is received by the lender, it does NOT
refer to a pre-approval);
4. we ask that you ensure that the funds are made payable to
Hampshire College; and
5. please return the endorsed paper check to Hampshire within seven
days of receiving it.
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