Loan Disbursements and Interest Rates

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
• 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

We encourage you to compare lender discounts and other borrower benefits with these loan comparison tools:

Simple Tuition

College Board Student Loan Comparison Calculator

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
• 0.25% interest rate reduction for making monthly payments by automatic draft
• 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• 0.25% interest rate reduction for students who have their loan payments automatically withdrawn through Citibank's E-Z pay auto-debit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) Wachovia (part of Wells Fargo & Company)

• 0.50% origination fee
• Web site

4) 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

5) Sallie Mae

• 0.50% 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) Wells Fargo

• 1.00% origination fee (0.50% after July 1, 2009)
• Web site

FEDERAL PLUS

1) College Foundation of North Carolina

• Zero federal default fee
• 0.25% interest rate reduction for making monthly payments by automatic draft
• Web site

2) Wachovia (part of Wells Fargo & Company)

• Web site

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

4) 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

5) 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

6) Wells Fargo

• Web site

PRIVATE

Individual borrower prices for private loans vary; they are based on the credit worthiness of the borrower and/or co-signer.  Please contact the lender if you have additional questions.

The Prime Rate is currently 3.25%. The one-month LIBOR rate is currently 0.24%. The three-month LIBOR rate is currently 0.28%. The Variable Floor Rate Index is 4.75%.

1) 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

2) Citibank: CitiAssist

• Interest rates as low as 3-month LIBOR + 4.75%
• Fees as low as 0%
• 0.25% interest rate reduction for automatic debit of payments
• No payments while in school
• Grace period after graduation
• 24 month co-signer release option available
• Web site

3) Sallie Mae: Smart Option Student Loan

• Pricing that rewards good credit
• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate
• The borrower may apply for cosigner release after successful completion of their education
• A 0.25 percentage point interest rate reduction is available for automatic debit
• Easy online application and 24/7 online account management
• Combined billing is available for Sallie Mae-serviced student loans
• Web site

4) Wells Fargo: Collegiate Loan

• Interest rates as low as Prime Rate + 1.0%
• 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 0.50% 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

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

• Interest rates as low as 3-month LIBOR (0.30%) + 3.95% (with co-signer)
• Beginning December 4, 2009, interest rates as low as 3-month LIBOR + 3.70% (with co-signer)
• 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