La Salle University

Undergraduate Admissions
Freshmen
Transfer
Parents
Counselors
International Students

Alternative Loan Information for Graduate Students

If you are applying for a loan for the 2014-2015 academic year, you cannot apply for that loan until after June 1, 2014.

Free or lower-cost Title IV federal, state, or institutional aid may be available in place of, or in addition to, a private education loan. To apply for Title IV federal grants, loans and work-study, please click on the “How to Apply” section. You are strongly encouraged to pursue the availability of free or lower-cost financial aid first.

Alternative loans are private educational loans in which the student is the borrower; however, a cosigner is usually required depending upon the creditworthiness of the student.  Below we have listed the highest volume alternative loan lenders from which our students have borrowed during the past three years. 

Students have the right to select any lender.  Because the terms and conditions of the loans depend so greatly on the credit score of the borrower and cosigner, we cannot recommend one lender over another.  As the consumer, it is important to be pro-active and explore all of the alternative loan options.  In fact, many loans have different interest tiers and repayment options. It is important to determine for which tier and interest rate you qualify. In general, interest rates are based upon a standard rate then a percentage (%) is added.  Example interest rate as of 3/11/2010: 3-mo Libor + 3.9% would be 4.16% (.26% 3-mo Libor + 3.9%).

Remember, all loans are certified for the full year – both fall and spring semesters.  Loans are not processed for one term only.

The Fair Isaac Corporation, the creator of the FICO score, has clarified that shopping for the best priced private educational loan does not necessarily lower an individual’s credit score as long as the credit inquiries are made within a time frame of 30 days.  We recommend that you shop for the loans during a 30-day period through June and July.  Once you have decided on a loan and have sent a signed Master Promissory Note (MPN) along with all required paperwork to the lender, certification information is then provided by the University.  This certification process begins in mid to late July.

The following are questions we suggest asking when speaking with lenders:

    • What is my interest rate?
    • How often will the interest rate change?
    • Are there any fees with this loan?  If so, what are they?
    • When do I begin repayment of principal?
    • When do I begin repayment of interest?
    • If I submit a payment late, can the lender raise my interest rate?

     

    Changes to Alternative Loan Regulations (effective 2/14/10)

    Alternative Loan Borrowers – The Federal Truth-In-Lending Act has changed the regulations necessary for borrowers to receive private educational loans. 

    Note – The processing time of an alternative loan from the time you apply to the time funds might be made available is approximately 4 to 6 weeks.

    The Federal Truth-In-Lending Act has changed the regulations necessary for borrowers to receive private educational loans.  Specific adjustments include providing three detailed disclosures to the borrower throughout the loan application and approval process, obtaining a borrower self-certification form and providing a three-day "right of rescission" period in which the student may cancel the loan.

    Borrower Self-Certification

    The borrower must submit a signed self-certification form to the lender.  This form, which is completed and signed by the student, must show the student’s cost of attendance, expected family contribution, estimated financial assistance, total aid and the maximum private loan amount allowed.  The self-certification form is available here.  For assistance completing the self-certification, feel free to contact the Office of Student Financial Services.

AMS SMART OPTIONS
AMS Sallie Mae
Phone:
888-272-5543

Apply Now:
Salliemae.com


  • Variable interest rates ranging from LIBOR + 2% up to LIBOR + 7.25% depending upon repayment option selected
  • Competitive fixed interest rates ranging from 5.75% - 8.875% dependent upon repayment option selected
  • Deferred Repayment Option - No minimum payment required until after school
  • 0% Origination Fee
  • No repayment penalty
  • Cosigner released after 12 months of on-time payments
  • Must be enrolled at least for 3 credits
  • Offers rapid electronic processing
  • Student does not have to make academic Progress
  • Free Tuition Insurance Benefit
  • .025% interest rate reduction when you elect to have monthly payments deducted electronically
  • Death and disability loan forgiveness

 

AMERICAN HERITAGE STUDENT LOAN
American Heritage Federal Credit Union
Phone:
877-331-6703

Apply now:
www.amhfcu.studentchoice.org

 

  • Interested applicants should contact American Heritage for eligibility and program details.

 

 

 

TRUFIT STUDENT LOAN
Citizens Bank
Phone: 800-708-6684

Apply now:
Citizensbank.com/trufitstudentloan

  • Lowest fixed rate - 5.25%
  • Highest fixed rate - 11.25%
  • Lowest variable rate – 1 mo Libor + 2.5%
  • Highest variable rate – 1 mo Libor + 8.75%
  • MBA students fixed rate loan options - 4.75% to 10.75%
  • No application, origination or disbursement fees
  • Deferred Repayment Option - No minimum payment required until after school
  • Choice of repayment options: Deferred, Interest Only, or Immediate
  • Choice of repayment terms: 5, 10, or 15 years
  • After 36 consecutive months of on-time principal and interest payments, co-signer may apply for release from the loan
  • A 0.25 percentage point interest rate reduction on a new TruFit Student Loan if you or your co-signer has a TruFit Student Loan or qualifying account in existence with Citizens at the time your loan is approved
  • During periods when payments are due, you will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from any bank account you designate
  • Flexible deferments - up to 8 years of in-school deferment with interest capitaliztion once at repayment
  • Must be enrolled at least half-time in a degree seeking program
  • International students can borrow with a US Cosigner
  • Available for past due balances up to 180 days after last date of enrollment assuming the borrower is enrolled or recently graduated
  • Academic progress is not required
  • .025% interest rate reduction when you elect to have monthly payments deducted electronically from any eligible bank account
  • Loan Forgiveness - In the unfortunate event of death or total and permanent disability of the student borrower
  • No prepayment penalty
  • Offers rapid electronic processing

DISCOVER PRIVATE LOAN
Discover
Phone: 877-728-3030

Apply now:
Discoverstudentloans.com

  • Fixed rates as low as 5.99% APR
  • Lowest Variable Rate – 3 month Libor + 2.74%
  • Highest  Variable Rate – 3 month Libor + 8.24%
  • Can defer interest and principal while in school at least half time
  • Must maintain satisfactory academic progress
  • 0.25% repayment interest rate credit when payments are set up for automatic debit from a bank account
  • 2% Graduation Reward based on your outstanding principal balance
  • Minimum Loan amount $1,000
  • International students eligible with US Co-signer
  • Zero Fees

Zero Loan Fees

Zero Supplemental Fees

Zero Origination Fees

Zero Repayment Fees

Zero Up-front Fees

Zero Deferment Fees

Zero Guarantee Fees

Zero Forbearance Fees

Zero Insurance Fees

Zero Late Payment Fees

Zero Disbursement Fees

Zero Returned Payment Fees

 

 

NJ CLASS LOAN
For NJ Residents Only

Phone: 800-792-8670

 

  • Lowest Rate- 6.6% fixed
  • Highest Rate- 8% fixed
  • Up to 3% Fee
  • Must be enrolled at least for 6 credits
  • Must pay interest while in school
  • Student has to make academic progress
  • Available for Graduate students

PNC SOLUTIONS
PNC Bank
Phone: 800-762-1001

Apply Now:
PNConcampus.com

  • Variable Lowest Rate – 3.47%
  • Variable Highest  Rate – 10.42%
  • Fixed interest rate range 6.49% - 12.99%
  • 0% Fee
  • 0.5% interest rate reduction for auto debit
  • 0.5% interest rate reduction for ACH payments from any checking or savings account
  • Can defer interest and principal while in school
  • Cosigner released after 48 months of on-time payments
  • Must be enrolled at least for 6 credits
  • Student does not have to make academic Progress
  • 15 year repayment term
  • Offers rapid electronic processing

 

CUSTOM CHOICE LOAN
Sun Trust  Bank
Phone: 866-232-3889

Apply Now:
Suntrusteducation.com

 

 

  • Variable Lowest Rate – 1 mo LIBOR + 2.00%
  • Variable Highest  Rate – 1 mo LIBOR + 9.61%
  • 0% Fee
  • Fixed Lowest Rate – 3.75%
  • Fixed Highest  Rate –12.25%
  • Can defer interest and principal while in school
  • Cosigner released after 48 months of on-time payments
  • Must be enrolled at least for 6 credits
  • Student does not have to make academic progress
  • 0.25% interest rate reduction for ACH
  • 0.25% interest rate reduction for ACH payment from a Sun Trust Bank account.
  • Offers the fastest electronic processing
  • Graduation Reward – 1% principal reduction per loan at graduation
  • Loan forgiveness in the event of student death
  • Offers rapid electronic processing

 

COLLEGIATE LOAN
Wells Fargo
Phone:
800-658-3567

Apply now:
Wellsfargo.com

  • Variable interest rates as low as 3.5%
  • Fxed interest rate as low as 7.24%
  • Zero Fees
  • Relationship discounts - 0.25%-0.50% interest rate reduction for prior Wells Fargo Education borrowing or qualifying banking accounts with borrower or cosigner
  • Fixed Rates as low as 6.99% before applying relationship discounts
  • Relationship discounts doubled for new loans between 05/21/12 - 09/30/12
  • Cosigner released after 24 months of on-time payments
  • 0.25% Interest Rate Reduction at Graduation
  • 0.25% Interest Rate Reduction with Automatic Debit payments
  • Loan can be deferred while in school
  • No minimum enrollment is required
  • Satisfactory academic progress is required
  • Offers rapid electronic processing
  • Loan forgiveness in the event of death or permanent disability

GRADUATE LOAN
Wells Fargo
Phone:
800-658-3567

Apply now:
Wellsfargo.com



  • Variable interest rates as low as 4.68%
  • Zero Fees
  • Relationship Discounts - 0.25%-0.50% Interest Rate Reduction for prior Wells Fargo Education borrowing or qualifying banking accounts with borrower or cosigner
  • Fixed interest rates as low as 7.60% before applying relationship discounts
  • Relationship discounts doubled for new loans between 05/21/12 - 09/30/12
  • Cosigner released after 24 months of on-time payments
  • 0.25% Interest Rate Reduction at Graduation
  • 0.25% Interest Rate Reduction with Automatic Debit payments
  • Loan can be deferred while in school
  • No minimum enrollment is required
  • Satisfactory academic progress is required
  • Offers rapid electronic processing



Return to loan home page

E-mail us at finserv@lasalle.edu.