SLA :: Private Loan Options

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Last updated 7/19/2010

Exhaust all federal grant and loans available to you before considering a private (alternative) loan. You may qualify for loans or other assistance under title IV of the HEA (Pell Grants, Stafford, Perkins, FSEOG grants and PLUS loans) and the terms and conditions of title IV, HEA program loans may be more favorable than the provisions of private education loans. Student Lending Analytics has developed a list of private loan options for undergraduates to serve schools and their students who need a focused and neutral resource for help in finding a private student loan. These lenders appearing below appeared most frequently during an analysis of over 400 school lender lists in August of 2009 and has been augmented as SLA has become aware of other competitive products. Standard disclosures for each loan can be found by clicking on the lender's name in the chart below.

If you live OR attend college in the following states, be sure to review this information about your state's private loan program (click on the links to get specific information about your state's alternative loan program): Alaska, Connecticut, Iowa, Maine, Massachusetts, Minnesota (SELF Loan and ND DEAL Program) Montana (through ND DEAL Program), New Jersey, New York, North Dakota, Rhode Island, South Dakota (through ND DEAL Program), South Carolina, Texas, Vermont, Wisconsin (through ND DEAL Program) and Wyoming (through ND DEAL Program). 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. 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 refreshed. 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

Starting Interest Rate Between
(Min/Max)

Fees

Repayment Benefits

Co-signer
Release

Payments Required While In-School

Citibank CitiAssist Loan www.studentloan.com (800) 788-3368 M-F 8am-11pm ET	3.63% to 11.38% (3-month LIBOR +3.25% to +11.00)	Origination: 0.00% to 3.00%	Auto payments: 0.25% IRR	24 payments	No
Sallie Mae Smart Option Student Loan www.salliemae.com (800) 695-3317 M-Th 8am-10pm; F 8am-7pm CT	2.88% to 11.25% (LIBOR +2.50% to +10.875%)	None	Auto payments: 0.25% IRR	12 months following successful completion of education	Yes (interest-only OR $25/month payment while in school)
Chase Chase Select www.chaseselectloans.com (866) 306-0868 M-F 8am-9pm; Sat 8am-5pm ET	4.14% to 9.79% (LIBOR +3.60% to +9.25%)	None	Auto payments: 0.25% IRR from eligible Chase account	36 payments	No
U.S. Bank U.S. Bank No Fee Education Loan www.usbank.com/nofeeapp/ (800) 242-1200 M-F 9am-8pm ET	4.20% to 12.20% (Prime +0.95% to +8.95%)	None	Auto payments: 0.50% IRR	36-48 payments, based on FICO and debt-to-income ratio	No
SunTrust Bank Academic Answer Loan www.suntrusteducation.com/ (866) 763-6350 M-F 7:30am-9pm ET	4.13% to 11.63% (LIBOR +3.75% to +11.25%)	None	Graduation: $300 principal reduction per loan Auto payments: 0.25% IRR	48 payments	No
PNC Bank PNC Solution Loan www.eduloans.pncbank.com (800) 762-1001 M-Th 8am-7pm; F 8am-6pm ET	4.23% to 10.98% (LIBOR +4.00% to +10.75%)	Origination: 0.00% to 6.00%	Auto payments: 0.50% IRR	48 payments	No
Citizens Bank TruFit Student Loan www.citizensbank.com/ trufitstudentloan (800) 708-6684 M-F 8:30am-5pm ET	3.35% to 11.25% (1 month LIBOR +3.00% to +11.60%)	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.	No
Discover Student Loans Private Education Loan www.discoverstudentloans.com/ (877) 728-3030 M-Su 8am-12am ET	3.75% to 11.00% (Prime +0.50% to +7.75%)	None	Graduation: 2.00% cash reward on principal balance Auto payments: 0.25% IRR	No	No
Wells Fargo Collegiate Loan www.wellsfargo.com/student/ (800) 378-5526 M-F 8am-10pm CT	3.50% to 9.99% (Prime +0.25% to 6.74%; new rates take effect on July 1, 2010)	None	Graduation: 0.50% IRR Auto payments: 0.25% IRR	24 payments	No
NASA Federal Credit Union Private Education Loan www.nasafcu.studentchoice.org (800) 322-8816 24 hours, 7 days a week	Floor Rate of 6% (LIBOR +3.69 to +4.43%)	None	Auto payments: 0.25% IRR	48 payments	No
Northwest Federal Credit Union Private Education Loan www.northwestfcu.studentchoice.org (800) 349-9470 24 hours, 7 days a week	Floor Rate of 6% (LIBOR +3.75% for all approved loans)	None	Auto payments: 0.25% IRR	48 payments	No
cuStudentLoans Credit Union EdAccess Loan www.custudentloans.org/credit-union-101/credit-union-edaccess-loan (888) 549-9050 M-F 9am-6pm ET	2.75% to 8.75% (LIBOR +2.50% to +8.50%)	Origination: 2.5%	1% interest rate reduction once 10% of the loan has been repaid	24 payments	Yes
Charter One TruFit Student Loan www.charterone.com/ trufitstudentloan (800)721-3969 M-F 8:30am-5pm ET	3.35% to 11.60% (1 month LIBOR +3.00% to +11.25%)	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.	No
Regions Bank Smart Option Student Loan for Regions Bank www.regions.com/smart (800) 858-7822 M-Th 8am-10pm; F 8am-7pm CT	2.88% to 11.25% (LIBOR +2.50% to +10.875%)	None	Auto payments: 0.25% IRR	12 months following successful completion of education	Yes (interest-only OR $25/month payment while in school)
Fifth Third Bank Smart Option Student Loan funded by Fifth Third Bank http://web.53educationlending.com/private.asp (800) 222-7192 M-F 8am–6 pm ET	2.88% to 11.25% (LIBOR +2.50% to +10.875%)	None	Auto payments: 0.25% IRR	12 months following successful completion of education	Yes (interest-only OR $25/month payment while in school)
Addison Avenue Fed. Credit Union Private Education Loan www.addison.studentchoice.org (800) 236-7991 24 hours, 7 days a week	Floor Rate of 6% (LIBOR +2.50% to 5.00%)	None	Auto payments: 0.25% IRR	48 payments	No

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.