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					                                  1140 Boylston Street, MS-921 FA, Boston, MA 02215-3693
                                  Tel 617 747-2274 Fax 617 747-2073 www.berklee.edu/financial-aid
                                  Office of Financial Aid




                                                              2010-2011 Guide to Private Loans

Many students and families choose to borrow private loans to help cover the cost of attending Berklee College of Music. This guide is designed to help you make
the most informed decision on whether or not private loans are the right fit for your needs. Please review this information and our attached list of loan products on
how to choose a lender, apply for a loan, and make the most informed decision regarding repayment of your loan.

Choosing a Lender
   1. Private loans should be your last stop when exploring funding options for your education. Private loans generally carry higher interest rates and less-
       flexible repayment terms than federal student and parent loans. Shop around for the best loan deal available to you. You are not limited to Berklee’s list
       of lenders, and may apply with any company of your choice. Each lender establishes their own criteria for determining approval and interest rates, so
       the terms you are offered will vary. Shopping around for the best loan can save you lots of money. Here are a few of options that you may want to
       explore before turning to private loans:

        •   Federal Direct Stafford Loans are low-interest loans awarded on an annual basis through the Free Application for Federal Student Aid (FAFSA) and
            are in the student’s name. This loan program is only available to domestic students. To apply for the Federal Direct Subsidized and Unsubsidized
            Stafford Loans, all you have to do is fill out a FAFSA online—there is no credit check involved.
        •   Parents of students who are dependent according to the FAFSA may apply for the Federal Direct Parent PLUS Loan. This is a low-interest, fixed-
            rate loan in the parent’s name. This loan program is only available to domestic students and their parents. To apply for this loan, submit an
            application directly to the Office of Financial Aid for processing. More information and a copy of the Federal Direct Parent PLUS Loan Application is
            available online at www.berklee.edu/forms.
        •   Your state may have a private loan program that meets your needs. Make sure to compare these options with the other private loan programs that
            you are considering. Check with your state of residence for rules and regulations on available state loan programs. States such as Alaska,
            Connecticut, Hawaii, Maine, Minnesota, New Jersey, North Carolina, North Dakota, Texas, and Vermont all offer loan programs. Berklee students
            are eligible to apply for loans though the Massachusetts Educational Financing Authority (MEFA) regardless of their state of residence. International
            students are also eligible to apply for this loan, however you will need a creditworthy co-signer who is a legal resident of the United States.
        •   Check with your local credit union—they may be able to offer you a loan at a lower interest rate than many of the larger, more popular lenders.
            Credit unions may not be able to offer you a large loan, however they may be able to help you bridge the gap between your financial aid package and
            the cost of your tuition at a lower interest rate.

Applying for a Loan
   1. Most student applicants will need a cosigner to apply for a private loan. If you decide to borrow a private loan to fund your education at Berklee,
       make sure to find a cosigner before you begin the application process. Most undergraduate applicants do not have an established credit history and
       therefore cannot secure a loan on their own. Even if you are approved without a cosigner, chances are your interest rate will be significantly lower if there
       is a creditworthy cosigner for your loan.

    2. It is important to understand the total cost of your loan. When figuring out the total cost of your loan, there are several factors that are important to
       consider:
                                                                                                                        2010-2011 Guide to Private Loans


    •   Interest rates on private loans are calculated using an Index (LIBOR or Prime Rate) and a Margin (for example, +5%). The starting rate on your loan
        is the Index plus your lender’s Margin. Almost all private loans are variable rate loans (this means the interest rate may fluctuate, whereas a fixed-rate
        loan will carry the same interest rate for the life of the loan), so expect your interest rate to rise (sometimes dramatically) over the life of the loan.
    •   Some lenders require in-school interest-only payments.
    •   Your loan may come with fees for origination or disbursement. Check with your lender for more information on the fees associated with your loan.
    •   There are many payment calculators available online to help you determine the overall cost of your loan during its life. We recommend using the
        payment calculator available on your lender’s website. There is also a handy calculator available at www.mappingyourfuture.org.

3. Don’t sign your Promissory Note until you read and understand all of your loan terms. Your Promissory Note is your loan contract, and it is a
   legally binding document. Read through your prom note BEFORE you sign to ensure that you understand all of the information. Communicate with your
   lender if you do not understand any of the terms outlined in your Promissory Note.

4. New legislation requires lenders to be more up-front about policies, procedures, and the cost of your loan. Amendments to Regulation Z of the 1968
   Truth in Lending Act require lenders to provide three disclosures to you during the process of your loan application:

    •   First disclosure: Provided at the time of your application. Outlines loan terms and features.
    •   Second disclosure: This is often referred to as the “self disclosure.” This part of the process helps you to make an educated choice about how much
        you want to borrow. Please refer to the Cost of Attendance section of this packet and your financial aid award letter for help on filling out this
        disclosure.
    •   Third disclosure: This disclosure is your Right to Cancel the loan.

    Please remember that it is your responsibility to follow-up with your lender after we have certified your loan to make sure that your funds are
    disbursable to Berklee. Many lenders require that you formally accept your loan (either in writing, via your online account, or over the phone)
    after your loan has been certified.

5. Borrow only what you need. When borrowing a private loan, you may request funds that cover your entire Cost of Attendance (COA) less any other
   financial aid received. Your COA is made up of both direct and indirect costs. Direct costs are those charges that appear on your Berklee bill (such as
   tuition, fees, and on-campus housing) and indirect costs are average allowances for living expenses associated with attending Berklee, such as off-campus
   housing, books and supplies, and travel and personal expenses. Living expenses during the months that you are not enrolled at Berklee cannot be covered
   by a private loan. Remember, your COA represents the maximum amount of resources (including scholarships, federal and institutional financial aid, and
   private loans) that a student may receive each year. Many students are able to live in Boston well below their COA.

    Use the chart on the following page to figure your maximum COA for the 2010-2011 academic year.




                                                                                                                                                  Page 2 of 10
                                                                                                                       2010-2011 Guide to Private Loans

Charges that will appear on your Berklee bill:                                         Indirect Costs that will not appear on your Berklee bill:

       Tuition                                                                                 Off-Campus Housing
       Fall 2010               $15,650 (degree)        $13,495 (diploma)                       Fall 2010          $7,915
       Spring 2011             $15,650 (degree)        $13,495 (diploma)                       Spring 2010        $7,915

       Comprehensive Fee                                                                       Average Loan Fees
       Fall 2010               $610                                                            Fall 2010               $13 (entering)          $18 (cont.)
       Spring 2011             $610                                                            Spring 2011             $13 (entering)          $18 (cont.)

       Health Insurance                                                                        Books & Supplies
       Fall 2010              $1,723                                                           Fall 2010               $235
       Spring 2011            $1,231                                                           Spring 2011             $235
       *Charged once per academic year.
       May be waived if student is covered under comparable/parent plan.                       Estimated Personal & Transportation
                                                                                               Fall 2010            $1,659
       Residence Hall/Full Meal Plan                                                           Spring 2011          $1,659
       Fall 2010             $7,915
       Spring 2011           $7,915

       Laptop Purchase**
       Fall 2010               $3,172
       Spring 2011             $3,172
       **one-time charge billed to entering students only. Figure
       includes 6.25% Massachusetts sales tax.

Repayment
   1. Lenders offer many different repayment options. Evaluate these options carefully to choose the best repayment plan that meets your needs.

       •   Making interest-only payments while you are in school can save you thousands of dollars over the life of the loan. To do this, you should speak
           directly to your lender about receiving billing statements while you are in school. Some lenders require interest-only payments while you are in
           school.
       •   Many lenders (but not all) offer in-school deferment options so that you do not need to make any payments as long as you are enrolled at an eligible
           institution. Be aware that your loan will be accruing interest during this period.
       •   The length of time that you have to pay off your loan will vary from lender to lender. Keep in mind that although a longer loan term will result in
           lower monthly payments, you will eventually pay more interest over the life of the loan. Additionally, you always have the option of paying off your
           loan faster than your loan term.
       •   Your lender may offer borrower benefits when you begin repayment. Some lenders will lower your interest rate to reward you for graduating on-
           time or for signing up for automatic monthly debit payments on your loan. Additionally, your loan may come with a co-signer release option once you
                                                                                                                                               Page 3 of 10
                                                                                                                          2010-2011 Guide to Private Loans

            have made a certain amount of consecutive, on-time payments. Check with your lender during the application process on what benefits they may offer
            borrowers.

    2. Your loan must be paid back. Private loans may not be discharged if you declare bankruptcy or if you pass away before the loan is paid back. Always
       clarify a lender’s policy on these matters to better understand how your debt may affect your future estate, co-signer, and your family members. Borrow
       only what you need, and always consider the long-term ramifications of your debt load before taking out a private loan. You should never borrow more
       than what you are responsibly able to pay back.

Important Notes
   1. If you are enrolling for fall and spring, we recommend that you apply for both semesters at once. If you are enrolling for fall, spring, and summer, you
      must apply for the summer semester separately. We cannot certify a summer loan with any other semester.

    2. We complete the required school certification according to the academic calendar. Therefore, the loan period that you request should coincide with the
       academic year.

    3. After the lender receives everything from you and completes processing of your loan application, it may take a week for the Office of Financial Aid to
       certify your loan. Loans that we certify will be listed as pending on your my.berklee.net account. Make sure to apply for your loan at least three weeks
       prior to the bill due date.

    4. Once your loan is certified by the Office of Financial Aid, the funds must be guaranteed for disbursement by your lender and in a verified status at Berklee
       in order to be deducted from your bill. It is your responsibility to follow-up with your lender to double-check that you have submitted all requested
       documents and met all requirements for your loan to be disbursed on-time.

    5. Loan funds that exceed your Berklee bill will be refunded to you on the third Friday of the semester. Refunds will not be available before this date
       because we must certify your enrollment. If you borrow for expenses, you must be prepared to pay out-of-pocket until refunds are issued by the Office of
       the Bursar.

    6. When asked for Berklee’s school code, please use 002126.




                                                                                                                                                   Page 4 of 10
                                                                                                                                                                           2010-2011 Guide to Private Loans



                                                                  Loan Options 2010-2011
Berklee College of Music will process a loan from any lender, and it is your right to apply for loans through the lender of your choice without penalty. Berklee
highly encourages students to apply for a loan with a co-signer. The college is in no way affiliated nor do we accept any benefits from any lenders. Berklee College
of Music issued a Request for Information and the following list of lenders is a compilation of all respondents.


                                                                                         Federal Loan Options

                                                                                                                                                                              Borrower Benefits and Conditions of
                Loan Program                                  Borrower                  Interest Rate*                 Fees                Repayment Term
                                                                                                                                                                                         Repayment*
                                                                                                                                          Standard Repayment - 10
                                                                                                                 Origination fee: 1%       years with fixed monthly     Federally regulated loan serviced through the Department of Education
                                                                                             Fixed 4.5%            minus 0.5% up-          payments/$50 minimum         (DOE). Eligibility based upon FAFSA and awarded once the Office of
                                                                                         (Government pays           front rebate (to    monthly payment; Repayment      Financial Aid has reviewed your information. Interest rate reduction of
                                                                                            interest while        keep rebate, you      begins 6 months after student   0.25% when enrolled in Electronic Debit Account. Can be consolidated
                                                        Undergraduate student                                                                                           into a Federal Consolidation Loan. Aggregate limit of $23,000.
                                                                                       enrolled at least half-    must make all first    graduates or drops below 6
      Federal Direct Stafford Loan: Subsidized        enrolled at least half-time (6                                                                                    Deferment options include: Student (enrolled at least half-time in an
                                                                                       time in an accredited      12 payments on-        credits. You have the option   accredited college or university in a qualified degree/certificate
                                                                 credits)
                                                                                        college/university in      time; if you lose     to enroll in other repayment   program), unemployed, economic hardship (as defined by DOE) or
                                                                                        a degree/certificate     rebate, this amount     options such as Graduated,     qualifying active service. During a deferment period this loan does not
                                                                                              program.)          will be added back     Extended, Income Contingent     accrue interest. Option of forbearance (accrues interest if granted)
                                                                                                                     to your loan.)     or Income-Based Repayment       allowing you to temporarily stop making payments.
                                                                                                                                                     Plans.
 https://studentloans.gov/myDirectLoan/index.action
                                                                                                                                          Standard Repayment - 10       Federally regulated loan serviced through the Department of Education
                                                                                                                 Origination fee: 1%       years with fixed monthly     (DOE). Eligibility based upon FAFSA and awarded once the Office of
                                                                                       Fixed 6.8% (Interest        minus 0.5% up-          payments/$50 minimum         Financial Aid has reviewed your information. Interest rate reduction of
                                                                                         accrues while in           front rebate (to    monthly payment; Repayment      0.25% when enrolled in Electronic Debit Account. Can be consolidated
                                                                                       school, but you have       keep rebate, you      begins 6 months after student   into a Federal Consolidation Loan. Aggregate limit of $31,000 for a
                                                        Undergraduate student                                                                                           dependent student and $57,500 for independent student (limits include
                                                                                        a deferment option        must make all first    graduates or drops below 6
    Federal Direct Stafford Loan: Unsubsidized        enrolled at least half-time (6                                                                                    Subsidized Stafford amounts). Deferment options include: Student
                                                                                        on these payments         12 payments on-        credits. You have the option   (enrolled at least half-time in an accredited college or university in a
                                                                 credits)
                                                                                       until six months after      time; if you lose     to enroll in other repayment   qualified degree/certificate program), unemployed, economic hardship
                                                                                          you fall below 6       rebate, this amount     options such as Graduated,     (as defined by DOE) or qualifying active service. During a deferment
                                                                                               credits.)         will be added back     Extended, Income Contingent     period this loan does not accrue interest. Option of forbearance
                                                                                                                     to your loan.)     or Income-Based Repayment       (accrues interest if granted) allowing you to temporarily stop making
                                                                                                                                                                        payments. Interest payments can be made while in school.
                                                                                                                                                     Plans.
 https://studentloans.gov/myDirectLoan/index.action




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                                                                                                                                                                     2010-2011 Guide to Private Loans



                                                                                     Parent Loan Options

      Loan Program                        Borrower                   Interest Rate*               Fees                  Repayment Term                  Borrower Benefits and Conditions of Repayment*


                                                                                           Origination fee: 4.0%    Standard Repayment - 10 years
                                                                                           minus 1.5% up-front      with fixed monthly payments/$50
                                                                                              rebate (to keep          minimum monthly payment;        Federally regulated loan serviced through the Department of Education (DOE).
                                   Parent of a dependent (as                                 rebate, you must       Repayment begins 60 days after     Interest rate reduction of 0.25% when enrolled in Electronic Debit Account.
   Federal Direct PLUS Loan           defined by FAFSA)                 Fixed 7.9%            make all first 12     second disbursement. You have      Deferment option when student is enrolled at least half-time in an accredited
                                    undergraduate student                                  payments on-time; if        the option to enroll in other   college or university in a qualified degree/certificate program. Approval based
                                                                                           you lose rebate, this       repayment options such as       upon credit history.
                                                                                           amount will be added      Graduated, Extended, Income
                                                                                            back to your loan.)                Contingent.


www.berklee.edu/forms




                                  Parent or other creditworthy                                                        15 year. Begins 45 days after
                                                                                                                    final disbursement. Per $10,000    Serviced through ACS Education. Minimum $2,000. Minimum FICO of 670.
                                      borrower (student is          Fixed 6.98% during                                                                 MEFA's philosophy has always been to offer Massachusetts families and
  MEFA Undergraduate Loan:         automatically on the loan).                             Origination fee: 4% or   borrowed, a monthly payment of
                                                                     in-school period;                                                                 students the lowest cost loans available at the outset. MEFA ensures that 100%
 Immediate Repayment Option        Student must meet Satisfactory                                    7%                $94.34 in-school and then a     of the borrowers receive the lowest cost private loan rates and fees. All qualified
                                                                     7.89% thereafter
                                     Academic Progress (SAP)                                                        minimum of $98.96 at end of in-    borrowers receive the same low rates for the applicable loan program.
                                           requirements.                                                                      school period.




www.mefa.org/collegeloans



                                                                                                                    15 year. Interest payments begin
                                                                                                                          45 days after the final
                                  Parent or other creditworthy
                                                                                                                         disbursement. Principle       Serviced through ACS Education. Minimum $2,000. Minimum FICO of 670.
                                      borrower (student is          Interest Only Repay:
                                                                                                                     payments begin after expected     MEFA's philosophy has always been to offer Massachusetts families and
  MEFA Undergraduate Loan:         automatically on the loan).        7.19% during in-     Origination fee: 4% or
                                                                                                                       in-school period ends. Per      students the lowest cost loans available at the outset. MEFA ensures that 100%
Interest Only Repayment Option   Student must meet Satisfactory     school period; 8.19%             7%                                                of the borrowers receive the lowest cost private loan rates and fees. All qualified
                                                                                                                      $10,000 borrowed, a monthly
                                   Academic Progress (SAP)                thereafter                                                                   borrowers receive the same low rates for the applicable loan program.
                                                                                                                    payment of $63.36 in-school and
                                         requirements.
                                                                                                                     then a minimum of $105.97 at
                                                                                                                         end of in-school period.




www.mefa.org/collegeloans




                                                                                                                                                                                                               Page 6 of 10
                                                                                                                                                                               2010-2011 Guide to Private Loans



                                                                                                                              15 year. Interest and principle
                                         Parent or other creditworthy                                                        payments begin 6 months after
                                             borrower (student is                                                           the student graduates, leaves the    Serviced through ACS Education. Minimum $2,000. Minimum FICO of 710.
                                                                                                                                                                 MEFA's philosophy has always been to offer Massachusetts families and
   MEFA Undergraduate Loan:               automatically on the loan).                          Origination fee: 4% or        program or reduces to less than
                                                                         Fixed 7.69%                                                                             students the lowest cost loans available at the outset. MEFA ensures that 100%
   Deferred Repayment Option            Student must meet Satisfactory                                   7%                 6 credits. Per $10,000 borrowed,     of the borrowers receive the lowest cost private loan rates and fees. All qualified
                                          Academic Progress (SAP)                                                               Minimum of $110.85 upon          borrowers receive the same low rates for the applicable loan program.
                                                requirements.                                                                graduation or dropping below 6
                                                                                                                                          credits.




 www.mefa.org/collegeloans




We make the following recommendations of alternative student loans, although you are in no way limited to the suggested lenders and programs on this list:

                                                                   Student Loan Options (in alphabetical order)

                                                                                                                         Interest                                                                    Borrower Benefits and
                                   Loan Program                                              Borrower                                          Fees             Repayment Term
                                                                                                                          Rate*                                                                     Conditions of Repayment*
                                                                                                                                                                                               Student loan lender who provides life-of-loan
                                                                                                                           Variable                                                            servicing; International students who have
                                                                                                                         (based on                                                             established credit history in the U.S. can apply
                                                                                                                                                                  Up to 20 years/$50           without a U.S. co-borrower; Can borrow for a loan
                                                                                       Undergraduate student             LIBOR and                                                             period while enrolled less than 6 credits; $1,000
                                                                                                                                                                  minimum monthly
                                                                                       (International students and     credit history):                                                        minimum loan amount; Undergraduate aggregate
                                                                                                                                          Origination fee:      payment; Repayment
                                                                                        students with no credit or         3-month                                                             limit is $120,000; Loan availability up to 120 days
                                                                                                                                            0% or 3%            begins 6 months after
                         Citibank: CitiAssist Undergraduate Loan                         insufficient credit history      LIBOR +                                                              after the end of the loan period; 0.25% interest rate
                                                                                        are required to apply with                        Repayment fee:         student graduates or          reduction for auto-debit and agree to receive only
                                                                                                                        3.75% to 3-
                                                                                          a creditworthy U.S. co-                               0%              drops below 6 credits          electronic statements; Co-signer release option
                                                                                                                       month LIBOR
                                                                                                   signer)                                                      (10 year maximum in-           after 24 consecutive on-time payments and credit
                                                                                                                           + 11.5%
                                                                                                                                                                  school deferment)            approval; Interest will accrue during the deferment
                                                                                                                          (Adjusted                                                            period and will capitalize once in repayment and at
                                                                                                                          quarterly)                                                           the end of any deferment or forbearance period; No
                                                                                                                                                                                               penalty for early repayment or prepayment
 https://www.studentloan.com/schools/
                                                                                       Undergraduate student
                                                                                        enrolled in a degree
                                                                                                                          Variable                                                             Serviced by Firstmark. $1,000 minimum loan
                                                                                       seeking program with                                                       Up to 15 years/$50
                                                                                                                         (based on                                                             amount; Aggregate limit is $120,000 (includes all
                                                                                          at least half-time                                                        minimum monthly            educational debt); Loan availability up to 180 days
                                                                                                                         LIBOR and
                                                                                       enrollment status (must                            Origination fee:       payment. Repayment            after the end of the loan period; 0.50% interest rate
                                                                                                                       credit history):
                                                                                       be U.S. Citizen or national,                             0%               begins 6 months after         reduction for automating payment from any Citizens
                           Citizens Bank: TruFit Student Loan                          a U.S. permanent resident,         1-month                                                              Bank account; Co-signer release option after initial
                                                                                                                                          Repayment fee:         student graduates or
                                                                                             or eligible citizen)         LIBOR +                                                              36 consecutive on-time payments; students have
                                                                                                                                                0%              falls below 6 credits. (8
                                                                                        International students can      3.00% to 1-                                                            choice of repayment terms, immediate, interest only
                                                                                         apply with a creditworthy                                                 year maximum in-
                                                                                                                       month LIBOR                                                             or deferred; No penalty for early repayment or
                                                                                             US citizen or US                                                      school deferment)           prepayment; SAP not required.
                                                                                                                          + 11.25%
                                                                                            permanent resident
                                                                                                 cosigner.
 http://www.citizensbank.com/trufitstudentloan/




                                                                                                                                                                                                                         Page 7 of 10
                                                                                                                                                                   2010-2011 Guide to Private Loans

                                                                                   Undergraduate student
                                                                                   who is a U.S. citizen or                                                                     Loan maximum to cost of attendance for the
                                                                                                                                                                                academic year. Borrower's FICO is looked at to
                                                                                     permanent resident                                                                         determine loan eligibility (if co-signer present, their
                                                                                   with a Social Security                                                                       FICO is also considered) as well as credit history,
                                                                                      card, must pass a                                                                         specifically for severe negative reporting, e.g.
                                                                                    credit check, must be                                                                       bankruptcy, foreclosure, repossession, charge-off,
                                                                                                              Variable (based                              Up to 15 years.      etc. Automatic in school deferment while student
                                                                                     enrolled in a degree
                                                                                                                on Prime Rate       Origination fee:    Repayment begins 6      enrolled in at least 6 credits. .25% reduction rate if
                                                                                     seeking 4 or 5 year          and credit              0%            months after student    enroll in automatic debit program. Discover offers a
                            Discover: Certified Private Loan                            program, must         history): Prime +     Repayment fee:     graduates or 6 months    2% of outstanding principal balance graduation
                                                                                    maintain Satisfactory     1.00% to Prime                                                    cash reward if you graduate from the program for
                                                                                                                                          0%             after student drops
                                                                                    Academic Progress.           + 7.75%                                                        which you borrowed (the 1st disbursement must be
                                                                                                                                                          below 6 credits.
                                                                                    (Co-signer must be a                                                                        more than 90 days and less than 6 years from the
                                                                                        U.S. citizen or                                                                         first disbursement date and the loan cannot be in
                                                                                     permanent resident                                                                         default; you must submit proof of graduation for this
                                                                                                                                                                                benefit). Can be enrolled less than half-time. $1,000
                                                                                     with Social Security                                                                       minimum loan amount; Aggregate limit is $200,000.
                                                                                   number and approved                                                                          A previous balance can be included in the loan
                                                                                        credit check.)
http://www.discoverstudentloans.com/

                                                                                   Undergraduate student                                                                        Minimum of $1,000 and aggregate of $75,000.
                                                                                                                  Variable                                                      FICO of at least 660, a $1,500 AGI and 2 years of
                                                                                    enrolled in at least 6
                                                                                                                 (based on          Origination fee:                            continuous employment. Co-signer release
                                                                                     credits in a 4 year
                                                                                                              Prime + Margin              0%                                    available after 48 consecutive on-time payments.
                                 Everett Credit Union                                 degree program;                                                     Up to 25 years        Interest only or deferment available up to 6 months
                                                                                                               of 3% to 5%)         Repayment fee:
                                                                                     student must meet                                                                          after graduation/separation from school. First 2
                                                                                                                Rates reset               0%
                                                                                   Satisfactory Academic                                                                        years of repayment are at a lower amount and then
                                                                                                                 quarterly.
                                                                                      Progress (SAP).                                                                           increases in the third year of repayment.


http://www.everettcu.studentchoice.org/

                                                                                                              Without cosigner
                                                                                                              - Variable (based
                                                                                                                on LIBOR and                                                    Loan minimum of $500 and maximum of up to cost
                                                                                   Undergraduate student      credit evaluation):                                               of attendance minus financial aid. Aggregate
                                                                                                                                                         Up to 20-25 years
                                                                                   who is a U.S. citizen or   1-month LIBOR +                                                   maximum of $120,000 (includes all educational
                                                                                                                                    Origination fee:     depending on total
                                                                                    permanent resident;           7.7% With                                                     debt). 0.25% interest rate reduction if enroll in auto
                                                                                                                                          0%           borrowed. Repayment
                            JP Morgan Chase: Select Loan                           meets credit approval      cosigner Variable                                                 deduction from a bank account with Chase.
                                                                                                              (based on LIBOR       Repayment fee:     begins 6 months after    Cosigner release option available upon request
                                                                                    standards; must be
                                                                                                                  and credit              0%            student graduates or    after any 36 consecutive on-time payments.
                                                                                    enrolled in at least 6
                                                                                                                evaluation): 1-                        drops below 6 credits.   (Borrower must meet credit criteria at time of
                                                                                           credits             month LIBOR +                                                    release). SAP is not currently required.
                                                                                                               3.9% to 1-month
                                                                                                                LIBOR to 8.5%


http://www.chasestudentloans.com/private-student-loan/private-student-loans.html

                                                                                   Undergraduate student                                                                        Minimum of $1,000 and aggregate of $75,000.
                                                                                                                  Variable                                                      FICO of at least 660, a $1,500 AGI and 2 years of
                                                                                    enrolled in at least 6
                                                                                                                 (based on          Origination fee:                            continuous employment. Co-signer release
                                                                                     credits in a 4 year
                                                                                                              Prime + Margin              0%                                    available after 48 consecutive on-time payments.
                             MAFCU Federal Credit Union                               degree program;                                                     Up to 25 years        Interest only or deferment available up to 6 months
                                                                                                               of 3% to 5%)         Repayment fee:
                                                                                     student must meet                                                                          after graduation/separation from school. First 2
                                                                                                                Rates reset               0%
                                                                                   Satisfactory Academic                                                                        years of repayment are at a lower amount and then
                                                                                                                 quarterly.
                                                                                      Progress (SAP).                                                                           increases in the third year of repayment.


http://www.mafcucreditunion.studentchoice.org/




                                                                                                                                                                                                          Page 8 of 10
                                                                                                                                                                        2010-2011 Guide to Private Loans


                                                                                                                                                                                     Serviced through ACS Education. Student may
                                                                                                                                                                                     request co-signer release after 48 consecutive on-
                                                                                                                                                                                     time payments if they meet then-current
                                                                                        Undergraduate                                  Origination fee:     15 year (includes all    underwriting standards. Maximum five-year
                                                                                     student; student must                               4% with co-       deferment periods); 6     deferment period. Minimum $2,000. Minimum FICO
                                                                                                                                                                                     of 710. MEFA's philosophy has always been to offer
                            MEFA: Student Alternative Loan                             meet Satisfactory             Fixed 8.29%        borrower; 7%        month grace period       Massachusetts families and students the lowest
                                                                                      Academic Progress                                  without co-        after falling below 6    cost loans available at the outset. MEFA ensures
                                                                                            (SAP).                                        borrower                 credits.          that 100% of the borrowers receive the lowest cost
                                                                                                                                                                                     private loan rates and fees. All qualified borrowers
                                                                                                                                                                                     receive the same low rates for the applicable loan
                                                                                                                                                                                     program.



www.mefa.org/collegeloans

                                                                                    Undergraduate student                                                                            Minimum of $1,000 and aggregate of $75,000.
                                                                                                                        Variable                                                     FICO of at least 660, a $1,500 AGI and 2 years of
                                                                                     enrolled in at least 6
                                                                                                                       (based on       Origination fee:                              continuous employment. Co-signer release
                                                                                      credits in a 4 year
                                                                                                                    Prime + Margin           0%                                      available after 48 consecutive on-time payments.
                            NMTW Community Credit Union                                degree program;                                                        Up to 25 years         Interest only or deferment available up to 6 months
                                                                                                                     of 3% to 5%)      Repayment fee:
                                                                                      student must meet                                                                              after graduation/separation from school. First 2
                                                                                                                      Rates reset            0%
                                                                                    Satisfactory Academic                                                                            years of repayment are at a lower amount and then
                                                                                                                       quarterly.
                                                                                       Progress (SAP).                                                                               increases in the third year of repayment.


http://www.nmtw.studentchoice.org/

                                                                                    Undergraduate student
                                                                                                                        Variable                                                     Serviced by Sallie Mae. Minimum of $1000.
                                                                                     enrolled in an eligible                                                                         Applying with a creditworthy cosigner may help you
                                                                                     program (must be U.S.            (based upon
                                                                                                                                                                5 to 15 years.       qualify and/or receive a lower interest rate. Co-
                                                                                    Citizen or national, a U.S.        LIBOR and                                                     signer release option available once student
                                                                                                                                       Origination fee:    Payments on interest
                                                                                      permanent resident, or        credit history -                                                 graduates, has a history of on-time principal and
                                                                                          eligible citizen)                                  0%             only begin after first
                                                                                                                     reset monthly                                                   interest payments (borrower must be U.S. citizen or
                                                                                    International students can                          Disbursement      disbursement until after
                       Sallie Mae: Smart Option Student Loan                                                          based upon                                                     permanent resident at time of co-signer release). A
                                                                                     apply with a creditworthy                         Fee: 0% or 3%        separation from the      .25% interest rate reduction for auto-debit. If
                                                                                                                       one-month
                                                                                         US citizen or US                              Repayment fee:            school. After       choosing to communicate electronically, a .25%
                                                                                        permanent resident              LIBOR):
                                                                                                                                             0%             separation, principal    interest rate reduction available if valid email
                                                                                      cosigner. International       LIBOR + 4% to                                                    address on record. Combined billing is available for
                                                                                                                                                           will also become due.
                                                                                       students will need to            LIBOR +                                                      Sallie Mae-serviced student loans. 24/7 online
                                                                                    supply appropriate USCIS             12.5%                                                       account management.
                                                                                          documentation.

http://www.salliemae.com/get_student_loan/find_student_loan/smart-option-student-
loan.htm
                                                                                                                        Without
                                                                                       Undergraduate student
                                                                                                                      cosigner -
                                                                                     who is enrolled in at least
                                                                                     6 credits; is a U.S. citizen       Variable                            Up to 15 years/$50
                                                                                     or permanent resident (or        (based on                             minimum monthly
                                                                                     have a co-signer who is a       LIBOR and                            payment. Repayment
                                                                                     U.S. citizen or permanent      credit history):                      begins 6 months after      Serviced by AES. Graduation reward offered upon
                                                                                     resident); CANNOT be a             1-month        Origination fee:    student graduates or      receipt of proof of graduation ($300 principal
                                                                                      resident of Illinois, Iowa,                                                                    reduction per loan). A .25% rate reduction for
                                                                                                                    LIBOR + 8.8%             0%           drops below 6 credits.
                         Sun Trust: Academic Answer Loan                                Texas, Washington or                                                                         enrollment in auto-debit. Student with co-signer
                                                                                        Wisconsin (co-signer        With co-signer     Repayment fee:     Offer deferred, interest   must have a FICO of 600 or better and student
                                                                                     CANNOT be a resident of           - Variable            0%            only and immediate        without co-signer and co-signer must have FICO of
                                                                                      Illinois); MUST have co-        (based on                             repayment options        680 or better.
                                                                                     signer unless you have a         LIBOR and                               while student is
                                                                                     minimum of three actively      credit history):                       enrolled in at least 6
                                                                                     used credit accounts with
                                                                                                                        1-month                                   credits.
                                                                                    at least 36 months of credit
                                                                                                 history.               LIBOR +
                                                                                                                         5.17%
http://academicanswer.suntrusteducation.com/index.html?ref=ACADEMICANSWER

                                                                                                                                                                                                             Page 9 of 10
                                                                                                                                             2010-2011 Guide to Private Loans

                                                                                                                                                          Minimum loan of $1,000. Maximum loan amount of
                                                            Undergraduate student         Variable (based                                                 cost of attendance minus total financial aid
                                                               who is a U.S. citizen or   on Index which is                                               (temporary resident aliens can borrow up to
                                                                 permanent resident        equal to Prime                                                 $25,000) annually. Aggregate loan limit of $120,000
                                                                                                                Disbursement       Up to 15 years.
                                                            (International students who   with a contractual                                              (includes all educational debt). An interest rate
                                                                                             minimum of            fee: 0%       Repayment begins 6
                             Wells Fargo: Collegiate Loan      are temporary resident                                                                     reduction of 0.50% available at repayment upon
                                                            aliens have to have a U.S.    4.75% and credit     Repayment fee:   months after graduating   receipt of proof of graduation. An interest rate
                                                              citizen cosigner and are         history):             0%           or leaving school.      reduction of 0.25% is available if enrolled in auto-
                                                                subject to a $25,000       Index + 1% -                                                   debit option. Cosigner release after the first 24
                                                                  annual loan limit.)     Index to 7.99%                                                  consecutive on-time monthly payments available
                                                                                                                                                          upon request.


https://www.wellsfargo.com/student/undergrad/collegiate




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