ALTERNATIVE/PRIVATE EDUCATION LOANS

There are a number of low-cost alternative/private education loans available to undergraduates and graduates who need additional funds to cover the remaining amount on their tuition bill.

Each lender establishes the eligibility criteria for the loan and the conditions for which the loan funds can be used. The information listed below provides a general overview.
Please contact the lender for any additional information regarding the loan program listed.

Reasons for Considering an Alternative/Private Loan:

Satisfactory Academic Progress may not be a condition for the loan.

Can apply on-line.

Enrollment in a degree or certificate program may not be required. However, the student may have to be enrolled at an institution approved by the lender.

Aggregate limit may be greater than Stafford Loans.

Repayment terms may be greater than 10 years which is the current repayment term offered by Stafford and PLUS loans.

Applying with a co-signer can reduce fees associated with these programs.

Students can share with the responsibility of borrowing.

School must have guarantee of loan from lender to be used as a credit towards bill.

This loan is in the student's name (the borrower) and usually will require a credible co-signer (generally a parent), but can be anyone with good credit who is willing to co-sign the loan.

The only payment the student is required to make is the interest - the principle is deferred until 6 months after the student graduates or drops below half-time (6 credits) status.

Please see our statement regarding preferred lenders.

Please be advised that if you do not indicate a loan term or indicate an invalid loan term on your loan application, the loan term will default to the academic year (fall/spring). It is EXTREMELY IMPORTANT to indicate correct loan term dates to ensure the correct processing of your alternative loan.

The loan term dates are used as follows:

• For the entire 2008-2009 academic year (Fall/Spring), use 8/25/08 - 5/02/09
• For the Fall only, use 8/25/08 - 12/13/08
• For the Spring only, use 1/12/09 - 5/02/09
• For Summer 2008, use 5/12/08 - 8/15/08, no matter what summer session you are attending.
  
  

We recommend that any student who is applying for an Alternative Loan do so as early as possible so there is adequate time to process your loan application.

Please see below the Recommended Dates for applying for Alternative Loans (student):

Apply by JUNE 23, 2008	Loans should be processed and credited on the fall semester bill when printed on July 14, 2008. Loans applied for after this date may not be listed as a credit on the student's fall semester bill when it is printed. The loan may be used as a credit towards the fall semester charges ONLY if the loan has been processed by the Office of Financial Aid. Students may log into their MAX account to see if the loan has been processed by checking their financial aid awards.
Apply by JULY 7, 2008	Loans should be processed before fall semester bill is due on August 6, 2008. The loan may be used as a credit towards the fall semester charges ONLY if the loan has been processed by the Office of Financial Aid. Students may log into their MAX account to see if the loan has been processed by checking their financial aid awards. Loans applied for after this date could result in the charge of a late fee on the student's account.
Apply by JULY 21, 2008	Loans should be processed before the Bursar's Office drops schedules for non-payment on August 19, 2008. Loans may not be credited towards the student's fall bill unless processed by the Office of Financial Aid. Students may log into their MAX account to see if the loan has been processed by checking their financial aid awards. Loans applied for after this date could result in the drop of a student's schedule for non-payment by the Bursar's Office.

The Office of Financial Aid is not responsible for any late fees added to a student's account
or for a student's schedule being dropped if ALL paperwork is not completed by the
above recommended dates to allow for adequate processing time.

Recommended Alternative Loan Options

Loan Program Lender	CitiAssist Loan Citibank	Wells Fargo Private Education Loan Wells Fargo
Contact Information	1-800-967-2400 CitiAssist Loan	1-800-658-3567 Wells Fargo Pvt Ed Loan
Borrower	•  Creditworthy student •  Student CAN BE enrolled less than half-time •  Satisfactory Academic Progress is NOT required •  Student CAN BE non-degree seeking •  Student may need a cosigner •  Student must be 18 years of age to apply	•  Student CAN BE enrolled less than half-time at an eligible school •  Student must have positive credit history, acceptable debt-to-income ratio, and a minimum income of $12,000 or cosigner who does •  Satisfactory Academic Progress is NOT required •  Student may need a cosigner •  Student must be 18 years of age to apply
Interest Rate†	•  Variable rate based on WSJ Prime minus 0.50% to Prime plus 4.75%	•  Variable rate based on WSJ Prime •  Prime plus 0.00% to 5.99%
Loan Fees†	0.00% - 5.00%	None
Repayment Period	Up to 20 years to repay, depending on amount owed.	Up to 12 years to repay.
Grace Period	6-month grace period after graduation or dropping below half-time status. Deferment/Forbearance Options are available	6-month grace period after graduation or dropping below half-time status.
Borrowing Limits	Minimum : N/A Maximum: Cost of attendance less financial aid	Minimum: $1000 Maximum: Cost of attendance less financial aid

† Borrower Benefits Are Subject To Change

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