The Art Institutes
Private Loan Overview
We strongly recommend that you utilize available federal, institutional and state (if any) aid, Federal Stafford loans, and, if you are a dependent student, the Parent Loan for Undergraduate Students, prior to
utilizing any private loans. You have a right to apply for a loan with any lender that provides these loans.
Please carefully read your master promissory note to ensure that you fully understand your borrower obligations.
Eli Lilly Federal Credit Union - Student Sallie Mae Smart Option Student
LENDER: Choice Private Student Loan (500415) Fifth Third Bank (508780)* PNC (809921) Loan (900951)* Wells Fargo (807176)
HEMAR Insurance Corp of America
Guarantor Reliamax Surety (HEMAR) PNC Sallie Mae Wells Fargo Alternative Loans (WELL)
• Student Choice Private Loan is a convenient No prepayment penalty; creditworthy cosigners No prepayment penalty; creditworthy
Line of Credit (up to $75,000) which can be may help students get a better rate; borrower cosigners may help students get a better
used over multiple years. With one application may be able to deduct the interest they pay on rate; borrower may be able to deduct the
we will qualify you for a LOC for the remainder qualified student loans; 24/7 online account If you've exhausted all your Federal loan interest they pay on qualified student loans;
of your college carreer. management; eligible for Sallie Mae's Upromise options, or need money for unexpected 24/7 online account management; eligible The Collegiate Loan is for undergraduate
• Allows for fully deferred payments while in Loan Link to help students and families pay expenses, the PNC Solution Loan is a key for Sallie Mae's Upromise Loan Link to help students seeking a certified private loan product.
school. down student loans alternative for meeting the costs of a college students and families pay down student If you've received all the federal loans you're
education. PNC Bank is committed to helping eligible for and still don't have enough, you can
Loan Features • Flexible repayment options available. loans. Effective for loans initiated on or
• Funds are granted and held by a not-for- students and their families make the adventure after June 28, 2010, a new fixed $25/month use a Wells Fargo Collegiate Loan to borrow up
profit credit union. Credit Union membership is of college attainable and manageable. No in-school repayment option is available. to the entire cost of your education. Students
required for student and co-borrower prior to payments while enrolled at least half-time. No are able to apply via the web or phone and can
loan disbursal. prepayment penalties. Easy online application electronically sign the promissory note.
•Reduce your interest rate by 0.25% during full at www.pnconcampus.com.
repayment when you enroll in automatic
Borrowers may apply for cosigner release after Co-signer Release from loan after 48 on-time
successful completion of their education. The payments and valid credit check.
release of a cosigner is at the sole discretion of
Sallie Mae. The borrower must have a
Borrowers are eligible for cosigner release after satisfactory history of making principal and Cosigner release is available just 12 months
Co- Singer 48 months of on-time payments using auto interest payments and meet underwriting after the student graduates and makes 12 Co-signer Release from loan after 24 on-time
Release payments. Borroweres must apply and be guidelines when the request for cosigner release consecutive payments of full principal and payments and valid credit check
credit approved. is processed. The borrower’s account must interest.
remain current until the request for release is
processed and the borrower must be a U.S.
citizen or permanent resident at the time the
cosigner release is processed
Yes, up to 180 days after the end of the Can be used to cover past due balances owed. Yes, up to 180 days after the end of the Can be used to cover past due balances for up
Used to cover enrollment period. Borrower must be enrolled at The last disbursement on a loan must occur enrollment period. Borrower must be to 12 months from their last date of attendance.
prior balances least half time and working toward degree or within 90 days after the loan term end date that enrolled at least half time and working No other criteria required.
recently graduated. is certified on the application. toward degree or recently graduated.
Convenience of having all your student loans in PNC provides combined billing of its federal and Yes, Sallie Mae provides combined billing for
combined provides combined billing of its federal and
N/A one place and receiving one monthly bill when private student loans, serviced exclusively by federal and private student loans owned
billing private students loans products.
your Stafford loans are serviced by Sallie Mae AES / PHEAA. and serviced by Sallie Mae.
number of Credit pull is good for 120 days and the loan Credit pulls remain valid for 90 days. The loan Credit pull is good for 180 days and the loan
Credit pull is good for 90 days and first There is a 180-day credit validity period
days credit needs to be certified within that timeframe. also needs to have been certified within that needs to be certified within that timeframe.
disbursement must occur within that during which the first disbursement must
pull remains However the loan can disburse beyond that time frame; however the loan can disburse However the loan can disburse beyond that
good point. beyond that point. point.
Accrued interest during the in-school period
interest Interest is capitalized once at repayment and Interest is capitalized after any periods of Interest is capitalized once at repayment and and separation period is capitalized once at Interest is capitalized once at repayment and
capitalized after any periods of forbearance. forbearance. after any periods of forbearance. repayment, and after any periods of after any periods of forbearance.
Web Site http://www.elfcuartinstitutein.studentchoice.org/index.html www.53EducationLending.com www.pnconcampus.com www.salliemae.com https://www.wellsfargo.com/student/undergrad/collegiate/
Phone Customer Service 800-621-2105 800-222-7192 Customer Service 1-800-762-1001 Customer Service 1-800-658-3567
Customer services representatives are available
Mon-Thu: 7 am - 8 pm CT 8am to 9pm Monday through Friday 8am to
Hours 7:30 am - 4:30 pm EST 8 am - 6 pm EST Monday-Thursday 8 am - 9 p.m. and Friday 8
Fri: 7 am - 7 pm CT 12pm Saturday (Central Time)
a.m. -6 p.m. eastern standard time
Qualified borrowers will have access to Sallie
Mae Smart Option Student Loans with variable Qualified borrowers will have access to
Sallie Mae Smart Option Student Loans with
Loans have a variable rate that may adjust quarterly. interest rates, which are subject to change Loans have a variable rate that may change quarterly Interest Rate are variable and ranging from
variable interest rates, which are subject to
Interest Rate Rate based on the Prime Rate. Margins range from monthly based on a one-month libor scale; based on the one-month LIBOR. Margins range from Prime plus 0.00% to Prime Plus 5.99%. Based
ranging from Libor plus 7.0% to Libor plus 14%; change monthly based on a one-month libor
4.50% to 9.50%. 4% to 10.75%. on students and or cosigners credit history
with One creditworthy individual and a one- scale; ranging from Libor plus 2.5% to Libor
month libor scale ranging from Libor plus 7.0% plus 10.875%;
to Libor plus 13%; with Two creditworthy
Origination fees as low as 0%. No Origination fees as low as 0%. No Absolutely No Origination, Disbursement, or
Fees 5% disbursement fee / No repayment fee No Disbursement or Repayment fees.
Disbursement or Repayment fees. Disbursement or Repayment fees. Repayment Fees.
Borrower must be at least 18 years of age (19 Borrowers must be enrolled or accepted for
in Nebraska and Alabama, 21 in Puerto Rico & enrollment at an eligible school either full
Mississippi.) Mississippi residents under the age time, half time, or less than half time, and
Must be a U.S Citizen or Permanent Resident. You must meet credit criteria, must be making of 21 may borrow with written consent from a Borrower can be attending school full time, half-
have attained the age of majority in their
Based on school certification and approved progress toward a degree/program of study. parent or guardian. time, or less than half time and qualify for the
state of residence; otherwise a creditworthy
Eligibility credit. Minimum age is 18 in all states except, Minimum age is 18 in all states except, Alabama Student must be enrolled at an eligible Collegiate Loan. This loan can also be used to
U.S. citizen or permanent resident cosigner
Alabama (19), Mississippi (21), Nebraska (19) (19), Mississippi (21), Nebraska (19) and in institution and carry a half-time credit load. pay for a past due balance for up to 1 year from
is required. Borrowers must satisfy the
and in Puerto Rico (21). Puerto Rico (21). Enrollment is verified after an application is last date of attendance.
credit requirements and execute the
submitted, as part of the loan approval appropriate application and promissory
All loans are subject to credit approval
Minimum $1000; Maximum 100% of the total
Aggregate limit is the cost of education minus Borrow up to the cost of attendance There's no annual maximum — you can borrow
Cost of Education per academic year minus
Loan Amount Minimum $1000, Aggregate Maximum $75,000 any financial aid (minimum $1,000) as certified by your up to the cost of education (tuition, rent, books,
other financial aid. An aggregate lifetime
school, less other financial aid received. etc.) minus other financial aid.
maximum of $250,000.
Interest only repayment will begin within 28-60
days after first disbursement. Full principal and Required payments while in school; student
Start Date of Payments begin six months after you leave There is a 12-month grace period after Payments begin six months after you leave
interest repayment will begin following your will receive first bill approximately 28-60
Repayment school or graduate. graduation before loan repayment begins. school or graduate.
graduation or dropping to less than half time days after the first disbursement
status and a six month separation period.
Either an interest-only payment or a $25
fixed monthly payment will begin within 28-
Repayment: 20 years on loan amounts less than Take up to 20 years to repay (Up to 25 years 60 days after first disbursement. Full
Repayment terms may range from 60 months to
$40,000 (Up to 25 years for loan amounts for loan amounts above $40,000) Repayment principal and interest repayment will begin
180 months and excludes the interest-only
Repayment greater than $40,000) Repayment Options: Options: Immediate repayment, deferred following your graduation or dropping to 15 year repayment term
payments made while the student borrower is in
Immediate repayment, deferred principal and principal and interest, interest only (deferred less than half time status and a six month
school, separation, or military deferment.
interest, interest only (deferred principal). principal). Minimum monthly payment of $25. separation period. Loan repayment term
ranges from 5 to 15 years, based on loan
balance and year in school
If student changes schools they will need to
apply for new line of credit. The original loc will Required interest only payments while in school; School certification required; borrower must
remain deferred as long as the student student will receive first bill approximately 28-60 meet Satisfactory Academic Progress The Collegiate Loan requires school certification.
continues in a degree seeking program at the days after the first disbursement; standards as defined by the school.
new school. With Wells Fargo Private Loans, students are
• 0.25% Interest rate reduction for automatic rewarded for achieving their education goal.
payment deductions from any checking or This benefit cannot be taken away for late
savings account payments. Available for Private Loans:
• No disbursement or repayment fees • Wells Fargo Student Graduation Benefit
Check free rate reduction of 0.25% available if program interest rate reduction of 0.50% at
• The student borrower may apply for Co-
payments made through an automated repayment upon verification of graduation
Borrower Release after 48 consecutive, timely
clearinghouse or ACH during full repayment. Co- • 0.25% interest rate reduction when Wells
payments, with no periods of forbearance.
signer release available on request. Credit Fargo automatically withdraws payments from a
• PNC provides combined billing of its federal
worthy borrower will be eligible after 48 months personal checking or savings account at
0.25 percentage point interest rate reduction is and private student loans, serviced exclusively 0.25% interest rate reduction is available
of on-time payments using autopayment. repayment
available for automatic debit (1). 0.25 by AES / PHEAA. PNC Bank reserves the for automatic debit (1). Students receive
right to modify, expand or discontinue the •Life of Loan Servicing - one point of contact
Borrower percentage point interest rate reduction is 2% of their scheduled in-school monthly
discount terms do this program at anytime. from application through final payment.
Benefits available if the borrower provides a valid e-mail payment as a reward in their UPromise
• Combined billing of Federal Stafford, Federal
address and elects to receive all servicing account when they pay on time, effective
Graduate PLUS, and Wells Fargo Private Loans.
communications via e-mail. (6) for loans disbursed after June 1, 2010.
• Free Wells Fargo College Checking® account,
Online Banking, and Bill Pay.
Your borrower benefits, rates and fees are
locked in for that loan period at the time of the
first disbursement of that loan. There is no
guarantee that you will continue to be eligible
for future loans or receive the same benefits,
rates and fees for subsequent loans. Borrower
benefits are subject to change at any time prior
International students are eligible with a credit International students are eligible with a credit to disbursement of the loan
Available to International students not eligible at this time. Both
worthy co-borrower who is a U.S. citizen or worthy cosigner (must be a U.S. Citizen or Yes, however all foreign citizen student International students are eligible and require a
Foreign student borrower and co-borrower must be U.S.
permanent resident and who has resided in the permanent resident and U.S. Citizenship & borrowers must obtain a cosigner who is U.S. Citizen cosigner.
Students U.S. for the previous two years). Immigration Service (USCIS) documents
citizen or permanent resident.
either a U.S. citizen or permanent resident
For Students applying for Stafford and private loan products, we recommend they only borrow the amount needed to cover the direct costs of their education
*If your federal loans are sold by the lender, you will probably lose the combined billing benefit.
Information is as of September 30, 2010 and is subject to change.
Sallie Mae Smart Option Student Loan pricing is effective for loans approved on or after March 23, 2009 and is subject to change
(1)- The automatic debit benefit is available for as long as the borrower's monthly payment amount is successfully deducted from the
borrower's bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management
system. This benefit lowers the borrower's interest rate but does not change the amount of the monthly payment. This benefit is suspended
during periods of forbearance and certain deferments.