ALTERNATIVE/PRIVATE EDUCATION LOANS


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 principle 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 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:

    • Recommended Alternative Loan Options

    Loan Program
    Lender

    		 

    Campus Door Loan
    Campus Door

     

    CitiAssist Loan
    Citibank

    Wells Fargo
    Private Education Loan
    Wells Fargo

    Citizens Bank
    Undergraduate Loan
    Citizens Bank

    Contact Information

    1-800-786-0002
    Campus Door Loan

    1-800-967-2400
    CitiAssist Loan

    1-800-658-3567
    Wells Fargo Pvt Ed Loan

    1-800-708-6684
    Citizens Bank
    Undergraduate Loan

    Borrower

    •  Creditworthy or Credit-ready student

    •  Student must be enrolled at least half-time

    •  Satisfactory Academic Progress IS required

    •  Student may need a cosigner

    •  Student must be 18 years of age to apply

    •  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

    •  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

    •  Satisfactory Academic Progress is NOT required

    •  Student may need a cosigner

    •  Student must be 18 years of age to apply

    •  Student must be enrolled at least half-time at an eligible school

    •  Satisfactory Academic Progress is NOT required

    •  Student may need a cosigner

    •  Student can be 17 years of age to apply

     

    Interest Rate†

    •  Variable rate based on WSJ Prime

    •  With a cosigner: Prime minus 0.50% to Prime plus 3.00%

    •  Without a cosigner: Prime plus 0.00% to Prime plus 4.00%

     

    •  Variable rate based on WSJ Prime minus 0.50% to Prime plus 4.75%

     

    •  Variable rate based on WSJ Prime

    •  Prime plus 0.00% to 5.99%

     

    •  Variable Annual Percentage Rate (APR)

    •  Rates as low as LIBOR plus 2.80%

     

    * London Interbank Offered Rate

    Loan Fees†

    0.00% - 9.00%

    0.00% - 5.00%

    None

    0.00% - 9.50%

    Repayment Period

    Up to 25 years to repay, depending on amount owed.

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

    Up to 12 years to repay.

    Up to 25 years to repay, depending on amount owed.

    Grace Period

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

    6-month grace period after graduation or dropping
    below half-time status.

    6-month grace period after graduation or dropping
    below half-time status.

    Borrowing Limits

    Minimum: $500

    Maximum: Cost of attendance less financial aid

    Minimum : N/A

    Maximum: Cost of attendance less financial aid

    Minimum: $1000

    Maximum: Cost of attendance less financial aid

    Minimum: $1000

    Maximum: Cost of attendance less financial aid

    † Borrower Benefits Are Subject To Change


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