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Financial Aid Office

Alternative Loan Preferred Lender List

Alternative Loans are private, credit worthy loans that help bridge the gap between the cost of education and the awarded financial aid. A co-signer is generally required and interest rates are typically higher than a Federal Stafford Loan. Students are encouraged to apply for federal, state, and institutional financial aid, before applying for an Alternative Loan. The maximum annual loan amount is equal to the cost of education minus any other financial aid awarded. Although repayment can usually be deferred until 6 months after graduation, interest is charged while in school. Eligibility criteria, loan limits, interest rates, loan fees, and repayment differ among the various Alternative Loan lenders.

We recommend the lenders shown below based on the quality of products and services that they provide to students and families. However, you can choose a lender not on the list. As a borrower, you have the right and ability to select the lender of your choice, regardless of the recommended list shown below.

For more information, please contact the lender, or visit the specific lender’s website. To apply, click on the Apply Now link. Once you have a credit decision through one of the lenders, the Financial Aid Office will certify the amount of loan that you are eligible for and transmit this information back to the lender for final guarantee.

Note: Borrower benefits are subject to change solely at the discretion of the lender.

Bank
Interest Rates
Loan Fees
Borrower Benefits
Repayment
Chase Select
Chase Bank
866-306-8868

Apply Now
Prime - 1.00% to Prime + 6.00%
NONE
- NO FEES
- 0.25% Interest Rate Reduction for Auto Debit
- Co-signer release available
- No payment required when enrolled at least half-time
- Can be enrolled Full-time, Half-time, Less than Half-Time
- Can be used to pay past due balances
- 6 Month Grace Period
- Repayment Term up to 25 years
CitiAssist Loan
Citibank
800-967-2400

Apply Now
Prime - .50% to Prime + 4.75%
Origination: Fees Range from 0% to 5%
- 0.25% Interest Rate Reduction for Auto Debit
- 0.50% Interest Rate Reduction after 48 consecutive monthly on-time payments
- Co-signer release available
- No payment required when enrolled
- Can be enrolled Full-time, Half-time, Less than Half-Time
- Pay past due balances incurred within the last 12 months
- 6 Month Grace Period
- Repayment Term up to 20 years
Education Finance Partners Private Loan
866-308-1071

Apply Now
- LIBOR + 2.50% to +12%
Origination: Fees range from 0% to 10%
- 0.25% Interest Rate Reduction for Auto Debit
-No income requirement
- Co-signer release after 24 on-time payments
- No payment required while in school, up to a total of 5 years
-Can be used to pay past due balances incurred within last 12 months.
- 6 month grace period
- Repayment term up to 20 years
Key Alternative Loan
Key Bank
800-KEY-LEND

Apply Now
- LIBOR + 2.49% to LIBOR + 5.99% with a co-signer - LIBOR + 3.49% to LIBOR + 6.99% without a co-signor
NONE
- NO FEES
- No Payment required when enrolled at least half-time
- 6 Month Grace Period
- Repayment Term up to 20 years
Signature Loan
Sallie Mae
888-695-3317

Apply Now
One eligible borrower: LIBOR + 2.50% to Libor 9.5%
Two eligible borrowers: LIBOR + 2.5% to LIBOR + 8.5%
-No Origination Fee
-Repayment Fee: 0% to 3% Based on credit
- 0.50% Interest Rate Reduction with Auto Debit
- No income requirement
- Co-signer release available
- No payments required when enrolled at least half-time
- 6 Month Grace Period
- Repayment Term up to 15 years
Wachovia Education Loan
Wachovia
800-338-2243

Apply Now
Prime - .50% to Prime + 4.0%
NONE
- NO FEES
- 0.50% Interest Rate Reduction for Auto Debit
- Co-signer release available
- No payment required while enrolled
- Can be used for past due balances (up to 3 years)
- Can be enrolled Full-time, Half-time, Less than Half-Time
- 6 Month Grace Period
- Repayment Term up to 20 years

updated as of 4/18/08

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