There are a number of low-cost alternative/private education loans available to undergraduates and graduates who need additional funds to cover the remaining amount on their tuition bill.

Each lender establishes the eligibility criteria for the loan and the conditions for which the loan funds can be used. The information listed below provides a general overview.

Please contact the lender for any additional information regarding the loan program listed.

Reasons for Considering an Alternative/Private Loan:

• Satisfactory Academic Progress may not be a condition for the loan.
• Can apply on-line.
• Enrollment in a degree or certificate program may not be required. However, the student may have to be enrolled at an institution approved by the lender.
• Aggregate limit may be greater than Stafford Loans.
• Repayment terms may be greater than 10 years which is the current repayment term offered by Stafford and PLUS loans.
• Applying with a co-signer can reduce fees associated with these programs.
• Students can share with the responsibility of borrowing.
• School must have guarantee of loan from lender to be used as a credit towards bill.
• This loan is in the student's name (the borrower) and usually will require a credible co-signer (generally a parent), but can be anyone with good credit who is willing to co-sign the loan.
• The only payment the student is required to make is the interest - the principal is deferred until 6 months after the student graduates or drops below half-time (6 credits) status.
• Please see our statement regarding preferred lenders.
• Please be advised that if you do not indicate a loan term or indicate an invalid loan term on your loan application, the loan term will default to the academic year (fall/spring). It is EXTREMELY IMPORTANT to indicate correct loan term dates to ensure the correct processing of your alternative loan.
• The loan term dates are used as follows:
  • For the entire 2009-2010 academic year (Fall/Spring), use 8/31/09 - 5/08/10
  • For the Fall only, use 8/31/09 - 12/19/09
  • For the Spring only, use 1/19/10 - 5/08/10
  • For Summer 2009, use 5/11/09 - 8/21/09, no matter what summer session you are attending.

For a side-by-side comparison of the loans listed below, please see the Alternative Loans located in Financial Aid Forms.
The following loans/lenders listed below are our recommended lenders for alternative loans.
CitiAssist Loan (Citibank)
PNC Solution Loan (PNC Bank)
Sallie Mae Smart Option Student Loan (Sallie Mae)
Citizens Bank TruFitStudent Loan (Citizens)
Wells Fargo Private Education Loan (Wells Fargo)
Chase Select Loan (Chase)
Academic Answer Loan (SunTrust Bank)

CitiAssist Loan

Citibank

Contact Information
1-800-967-2400
CitiAssist Loan

Borrower

• Creditworthy student
• Student CAN BE enrolled less than half-time
• Satisfactory Academic Progress is NOT required
• Student CAN BE non-degree seeking
• Student may need a cosigner
• Student must be 18 years of age to apply

Interest Rate†

• Variable rate based on three-month LIBOR plus 4.75% to 11.50%

Loan Fees†
0.00% - 6.00%

Repayment Period
Up to 20 years to repay, depending on amount owed.

Grace Period

• 6-month grace period after graduation or dropping below half-time status.
• Deferment/Forbearance Options are available

Borrowing Limits

• Minimum : $1,000 for 1st time borrowers ONLY
• Maximum: Cost of attendance less financial aid

PNC Solution Loan

PNC Bank

Contact Information
1-800-762-1001
PNC Solution Loan

Borrower

• Creditworthy student
• Student MUST BE enrolled at least half-time
• Satisfactory Academic Progress is NOT required
• Student MUST BE degree seeking
• Student may need a cosigner
• Student can be 17 years of age to apply with a co-signer

Interest Rate†

• Tiered pricing structure - variable rate based on LIBOR plus 4.00% to 10.75%

Loan Fees†
0.00% - 6.00%

Repayment Period
Up to 20 years to repay.

Grace Period

• 6-month grace period after graduation or dropping below half-time status.
• Deferment/Forbearance Options are available

Borrowing Limits

• Minimum : N/A
• Maximum: Cost of attendance less financial aid

Sallie Mae Smart Option Student Loan

Sallie Mae

Contact Information
1-888-272-5543
Sallie Mae Smart Option Student Loan

Borrower

• Creditworthy student
• Student CAN BE enrolled less than half-time
• Satisfactory Academic Progress is NOT required
• Student MUST BE degree seeking
• Student may need a cosigner
• Student can be 17 years of age to apply with a co-signer

Interest Rate†

• Please see lender website for details

Loan Fees†
0-3%

Repayment Period
Student is required to make monthly interest payments during in-school nad separation period

5-15 years based on cumulative outstanding Sallie Mae serviced private loan balance

Grace Period

• 6-month grace period after graduation or dropping below half-time status.
• Deferment/Forbearance Options are available

Borrowing Limits

• Minimum : $1000
• Maximum: Cost of attendance less financial aid

Citizens Bank TruFit Student Loan

Citizens Bank

Contact Information
1-800-708-6684, option "0"

Citizens Bank TruFit Student Loan

Borrower

• Choice of repayment: Deferred, Interest only, Immediate
• Creditworthy student
• Satisfactory Academic Progress is NOT required
• Student MUST BE degree seeking
• Student MUST BE enrolled at least half-time
• Student may need a cosigner
• Student can be 17 years of age to apply with a co-signer
• No prepayment penalty
• Co-signer release option available after initial 36 consecutive, on time payments (Subject to terms and conditions)

Interest Rate†

• Variable rate based on one-month LIBOR plus 3.00% to 12.50%

Loan Fees†
0 - 5%

Repayment Period

Up to 15 years

Grace Period

• 6-month grace period after graduation or dropping below half-time status.
• Deferment/Forbearance Options are available

Borrowing Limits

• Minimum : $1000
• Maximum: Cost of attendance less financial aid

Wells Fargo Pvt Ed Loan

Wells Fargo

Contact Information
1-800-658-3567
Wells Fargo Private Education Loan

Borrower

• Student CAN BE enrolled less than half-time at an eligible school
• Student must have positive credit history, acceptable debt-to-income ratio, and a minimum income of $12,000 or cosigner who does
• Student MUST BE degree seeking
• Satisfactory Academic Progress is NOT required
• Student may need a cosigner
• Student must be 18 years of age to apply

Interest Rate†

• Variable rate based on WSJ Prime
• Prime plus 1.00% to 7.99%

Loan Fees†
None

Repayment Period
Up to 12 years to repay.

Grace Period

• 6-month grace period after graduation or dropping below half-time status.
• Deferment/Forbearance Options are available

Borrowing Limits

• Minimum: $1000
• Maximum: Cost of attendance less financial aid

Chase Select Loan

Chase, JPMorgan Chase Bank, N.A.

Contact Information
1-866-306-0868
Chase Select Loans

Borrower

• Repayment CAN be deferred while attending school
• Creditworthy student
• Student CAN BE enrolled less than half-time
• Satisfactory Academic Progress is NOT required
• Student CAN BE non-degree seeking
• Student may need a cosigner
• Student must be 18 years of age to apply

Interest Rate†

• Variable: LIBOR + 3.65% to 10.25% with cosigner
• Variable: LIBOR + 9.00% - no cosigner

Loan Fees†
None

Repayment Period
Up to 25 years to repay

Grace Period

• 6-month grace period after graduation or dropping below half-time status.
• Deferment/Forbearance Options are available

Borrowing Limits

• Minimum : $500
• Maximum: Cost of attendance less financial aid

Academic Answer Loan

SunTrust Bank

Contact Information
1-866-763-6350

Academic Answer Loan

Borrower

• Creditworthy student with minimum 36 months credit history
• Student MUST BE enrolled at least half-time
• Satisfactory Academic Progress is NOT required
• Student CAN BE non-degree seeking
• Student may need a cosigner
• Student can be 17 years of age to apply but will need a credit-worthy co-signer of legal age
• Graduation benefit-principal reduction of $300.00 per loan upon proof of graduation

Interest Rate†

• Variable rate based on one-month LIBOR plus 4.00% to 10.25% (undergraduate students)
• Variable rate based on one-month LIBOR plus 3.50% to 9.75% (graduate students)

Loan Fees†
None

Repayment Period
Up to 25 years to repay

Grace Period

• 6-month grace period after graduation or dropping below half-time status.
• Deferment/Forbearance Options are available

Borrowing Limits

• Minimum : $1,001
• Maximum: Cost of attendance less financial aid.  Generous annual limits apply.

† Borrower Benefits Are Subject To Change

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