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Loan Disbursements and Interest Rates

*Perkins Loan Instructions
*Stafford Loan Instructions
*PLUS Loan Instructions
*Supplemental Loans

Benefits Offered by Suggested Lenders

The following points are the borrower benefits all lenders are required to provide in order to be suggested as a lender by WFU. You are not required to borrow from one of these lenders.

  • Fee and/or interest rate reduction options, to make the loan less expensive than those of most other lenders
  • 3% total fee on PLUS loans (required by federal law) but no additional fees
  • Electronic funds transfer (EFT) through lender flow for maximum efficiency
  • Superior customer service provided directly by the lender to all students, parents and financial aid staff
  • Loan servicing retained for the life of the loan
We encourage you to compare lender discounts and other borrower benefits with these loan comparison tools:

Simple Tuition
(Highly recommended!)

Loan Discount Analyzer from FinAid.org.

FEDERAL STAFFORD

1) College Foundation of North Carolina

  • No origination fee
  • Students receive all of their money up front
  • 1.5% interest rate reduction for making monthly payments by automatic withdrawal and choosing electronic statements
  • Immediate 1% interest rate reduction for on-time payments once repayment begins
  • Web site

2) Citibank

  • 1.00% origination fee
  • 0.5% automatic interest rate reductions at repayment for all students who continue to make on-time monthly payments
  • 0.25% interest rate reduction for students who have their loan payments automatically withdrawn through Citibank's E-Z pay auto-debit
  • If a student loses their automatic interest rate reduction benefit due to late or delinquent payments, they regain the benefit by subsequently making 24 consecutive on-time payments (the benefit can be recovered unlimited times during the life of the loan)
  • Last 6 payments free when all payments made on-time and minimum aggregate loan balance of $4,500
  • Web site

3) Wells Fargo

4) Wachovia

  • 0.50% origination fee
  • 0.25% interest rate reduction with auto debit payments
  • Web site

5) J.P. Morgan Chase Bank

  • 1.00% origination fee
  • 0.25% interest rate reduction for borrowers who enroll in an auto-debit ACH repayment program (Automated Clearing House Network)
  • Web site

6) Sallie Mae

  • 1.00% origination fee
  • 0.25% interest rate reduction for borrowers who enroll in an auto-debit ACH repayment program (Automated Clearing House Network)
  • Web site

FEDERAL PLUS

1) College Foundation of North Carolina

  • 3% credit of amount borrowed applied in July or October immediately following the academic year for which the loan was disbursed
  • 1.25% interest rate reduction for making monthly payments by automatic withdrawal and choosing electronic statements
  • Additional immediate 0.75% interest rate reduction for on-time payments once repayment begins
  • Web site

2) Citibank

  • 0.5 % automatic interest rate reduction at repayment for all parents who continue to make on-time monthly payments
  • 0.25% interest rate reduction for parents who have their loan payments automatically withdrawn through Citibank's E-Z Pay auto-debit
  • If borrowers lose the automatic interest rate reduction benefit due to late or delinquent payments, they regain the benefit by subsequently making 24 consecutive on-time payments (the benefit can be recovered unlimited times during the life of the loan)
  • Last 6 payments free when all payments made on-time and minimum aggregate loan balance of $4,500
  • Web site

3) Wachovia

  • 0.25% interest rate reduction with auto debit payments
  • Web site
4) Sallie Mae
  • 0.25% interest rate reduction for borrowers who enroll in an auto-debit ACH repayment program (Automated Clearing House Network)
  • Web site

5) J.P. Morgan Chase Bank

  • 0.25% interest rate reduction for borrowers who enroll in an auto-debit ACH repayment program (Automated Clearing House Network)
  • Web site

6) Wells Fargo


PRIVATE

Rates for private loans are based upon the credit worthiness of the borrower and/or co-signer.  Please contact the lender if you have additional questions. The Prime Rate is currently 5.00%. The one-month LIBOR rate is currently 2.46%. The three-month LIBOR rate is currently 2.79%.

1) Sallie Mae: Signature

  • Interest rates as low as 1-month LIBOR + 2%
  • No origination, disbursement or repayment fees
  • 0.50% interest rate reduction when payments are made via auto debit
  • No income requirement for student borrowers, and no payment required while in school
  • Co-signer release option available after 24 consecutive on-time payments of principal & interest (borrower credit check applies)
  • Web site

2) Wells Fargo: Collegiate Loan

  • Interest rates as low as Prime Rate
  • No origination, disbursement or repayment fees
  • 0.25% interest rate reduction for borrowers who enroll in an auto-debit ACH repayment program (Automated Clearing House Network)
  • Additional 0.5% interest rate reduction when you earn your degree, upon verification of graduation
  • Juniors, Seniors and graduate students have the ability to apply based on their own credit worthiness
  • Co-signer release after 24 consecutive on-time payments, if borrower meets credit guidelines at time of request
  • Web site

3) J.P. Morgan Chase Bank: Chase Select

  • Interest rates as low as Prime Rate minus 1%
  • No origination, disbursement or repayment fees
  • 0.25% interest rate reduction for automatic debit of payments
  • Co-signer release after 36 consecutive on-time payments of interest and principal
  • Web site

4) College Foundation of North Carolina: EXTRA

  • Interest rate is 3-month LIBOR + 3%
  • No origination, disbursement or repayment fees
  • 0.50% interest rate reduction for automatic debit of payments and electing to receive electronic statements
  • Web site

5) Citibank: CitiAssist

  • Interest rates as low as Prime Rate minus 0.5%
  • Fees as low as 0%
  • 0.50% interest rate reduction after 48 on-time payments
  • 0.25% interest rate reduction for automatic debit of payments
  • Web site

 

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Wake Forest University · Student Financial Aid Office · Information: 336.758.5154 | Contact