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Choosing a loan not listed on this site

What if you choose a lender or loan other than those listed on 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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