SLA :: Private Loan Options

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Last updated 1/26/10

Exhaust all federal grant and loans available to you before considering a private (alternative) loan. Borrowers should first review their school's preferred lender list for private loan, if one is available. Student Lending Analytics has developed a list of private loan options for undergraduates to serve schools and their students who need a focused resource for help in finding a private student loan. This list was developed based on the collective decision-making of over 420 financial aid administrators at leading 2-year and 4-year institutions who have posted their 2009-10 alternative lender lists on their schools' financial aid websites. SLA recently added several credit union offerings after a formal review of their terms and conditions. If you live or attend college in the following states, be sure to review this information about your state's private loan program: Alaska, Connecticut, Maine, Massachusetts, Minnesota, New Jersey,New York, North Carolina, North Dakota, Rhode Island, Texas and Vermont. Before making a final decision about your private loan, please review the SLA Private Loan Guide.

Disclaimer
SLA is an independent research and advisory firm that has NO affiliations with any student lenders. SLA HAS RECEIVED NO CONSIDERATION FROM ANY LENDERS FOR PLACEMENT ON THIS LIST. Placement on this list DOES NOT in any way constitute an endorsement from SLA NOR should it be construed as a preferred lender list. Rather, the list reflects the collective decision-making of over 420 financial aid administrators as described above. You are free to borrow from any lender of your choice. While SLA has made every effort to confirm each of the lender loan terms described below through website research and multiple calls to lender customer service representatives, it cannot guarantee its accuracy. Furthermore, not all the lenders listed below lend to all students at all schools.The borrower should confirm any and all loan terms with the lender PRIOR to accepting the loan. Each lender’s position on the list is randomly determined and will change each time this page is accessed. SLA will update this page as necessary and will provide a date of last update at the top of the page. The information provided below is subject to change without notice.

Lender

Interest Rate
(Min/Max)

Fees

Repayment Benefits

Co-signer
Release

Interest
Capitalization

Citibank CitiAssist Loan www.studentloan.com (800) 788-3368 M-F 8am-11pm ET	3-month LIBOR +4.75% to +11.5% (5.13%-11.88%)	Origination: 0.00% to 6.00%	Auto payments: 0.25% IRR	24 payments	Once at repayment
Sallie Mae Smart Option Student Loan www.salliemae.com (800) 695-3317 M-Th 8am-10pm; F 8am-7pm CT	LIBOR +4.00% to +12.50% (4.25%-12.75%)	Disbursement: 0.00% or 3.00%	Auto payments: 0.25% IRR	Upon successful completion of education	N/A
Chase Chase Select www.chaseselectloans.com (866) 306-0868 M-F 8am-9pm; Sat 8am-5pm ET	LIBOR +4.15% to +12.00% (4.40%-12.25%)	None	Auto payments: 0.25% IRR	36 payments	Once at repayment
U.S. Bank U.S. Bank No Fee Education Loan www.usbank.com/nofeeapp/ (800) 242-1200 M-F 9am-8pm ET	Three tiers: Prime +1.95% (5.20%) Prime +4.95% (8.20%) Prime +8.95% (12.20%)	None	Auto payments: 0.50% IRR	36-48 payments, based on FICO and debt-to-income ratio	Once at repayment
SunTrust Bank Academic Answer Loan www.suntrusteducation.com/ (866) 763-6350 M-F 7:30am-9pm ET	LIBOR +4.00% to +11.25% (4.25%-11.50%)	None	Graduation: $300 principal reduction per loan Auto payments: 0.25% IRR	48 payments	Once at repayment
PNC Bank PNC Solution Loan www.eduloans.pncbank.com (800) 762-1001 M-Th 8am-7pm; F 8am-6pm ET	LIBOR +4.00% to +10.75% (4.28%-11.03%)	Origination: 0.00% to 6.00%	Auto payments: 0.25% IRR	48 payments	Once at repayment
Citizens Bank TruFit Student Loan www.citizensbank.com/ trufitstudentloan (800) 708-6684 M-F 8:30am-5pm ET	1 month LIBOR +3.00% to +13.00% (3.24%-13.24%)	None	Auto payments: 0.50% IRR for automating payment from any eligible Citizens Bank account	Available after 36 consecutive, on time payments. Subject to terms and cond.	Once at repayment.
Discover Student Loans Private Education Loan www.discoverstudentloans.com/ (877) 728-3030 M-Su 8am-12am ET	Prime +1.00% to +7.75% (4.25%-11.00%)	None	Graduation: 2.00% cash reward on outstanding principal balance Auto payments: 0.25% IRR	No	Once at repayment
Wells Fargo Collegiate Loan www.wellsfargo.com/student/ (800) 378-5526 M-F 8am-10pm CT	Prime +1.00% to 7.99% (4.25%-11.24%)	None	Graduation: 0.50% IRR Auto payments: 0.25% IRR	24 payments	Once at repayment
NASA Federal Credit Union Private Education Loan www.nasafcu.studentchoice.org (800) 236-7991 24 hours, 7 days a week	LIBOR +3.69 to +4.43% (Current Floor Rate of 6%)	None	Auto payments: 0.25% IRR	48 payments	Once at repayment
Northwest Federal Credit Union Private Education Loan www.northwestfcu.studentchoice.org (800) 236-7991 24 hours, 7 days a week	LIBOR +3.75% for all approved loans (Current Floor Rate of 6%)	None	Auto payments: 0.25% IRR	48 payments	Once at repayment
Addison Avenue Fed. Credit Union Private Education Loan www.addison.studentchoice.org (800) 236-7991 24 hours, 7 days a week	LIBOR +2.50% to 5.00% (Current Floor Rate of 6%)	None	Auto payments: 0.25% IRR	48 payments	Once at repayment

Table Glossary:

Interest Rates
- For current LIBOR information, please visit http://www.bankrate.com/brm/ratewatch/other-indices.asp.
- For current prime rate information, please visit http://www.bankrate.com/brm/ratewatch/wsjPrimeRate.asp.
Fees: The fees charged are typically added to the principal amount owed at the time they are assessed.
- Origination Fees are assessed upon receiving the loan.
- Repayment Fees are assessed upon entering repayment.
- Late payment fees are also typically charged by the lender, but those fees are excluded from the table above.
Auto payments: Automatic debit payments made via a bank account. Many lenders offer a benefit in the form of an interest rate reduction for signing up for these automatic payments.
IRR - Interest rate reduction. Benefits awarded to the borrower that lead to the interest rate being reduced can include signing up for auto payments, making a certain number of consecutive on-time payments and simply by graduating.
Co-Signer Release - Student has had loan co-signed (typically a parent or close relative). A number indicates the number of consecutive, on-time monthly payments required for co-borrower release. In many cases, student must meet some credit-based criteria in addition to making the on-time payments.
Interest Capitalization - The loan's outstanding principal balance increases by the accrued interest. If interest capitalization occurs once at repayment, interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins. If interest capitalization occurs during school (e.g., each quarter), your principal balance will increase while in school, you will accrue more interest while in school and therefore the cost of the loan will be higher.