Loan Disbursements and Interest Rates

SUPPLEMENTAL LOANS FROM PRIVATE LENDERS

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
• Electronic funds transfer (EFT) through lender flow for maximum efficiency
• Superior customer service provided to all students, parents and financial aid staff

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

Elm Select

College Board Student Loan Comparison Calculator

Loan Discount Analyzer from FinAid.org

Individual borrower prices for private loans vary; they are based on the credit worthiness of the borrower and/or cosigner.  Please contact the lender if you have additional questions. These lenders are listed according to lowest Annual Percentage Rate (APR) offered to applicants and cosigners with the most favorable credit worthiness.

The Prime Rate is currently 3.25%. The one-month LIBOR rate is currently 0.19%. The three-month LIBOR rate is currently 0.27%.

1) Suntrust: Custom Choice

• Variable interest rates range from 2.25% to 9.29% APR
• Fixed rate loan with rates as low as 3.75% to 12.25% APR
• Interest rates are based on 1-month LIBOR
• No origination, disbursement or repayment fees
• Must be enrolled at least half-time
• 1% interest rate reduction at graduation
• 0.25% interest rate reduction for automatic debit of payments from any eligible bank account
• Cosigner release available after 48 consecutive on-time payments
• No Satisfactory Academic Progress requirements
• Web site

2) Sallie Mae: Smart Option Student Loan

• Variable interest rates range from 2.25% to 9.37% APR
• Fixed interest rates range from 5.74% to 11.85% APR
• No disbursement or repayment fees
  
• Applying with a creditworthy cosigner may help to qualify and/or receive a lower interest rate
• The borrower may apply for cosigner release after successful completion of their education
• A 0.25% 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
• Can be used for past due balances on a prior loan period when: 
  • Less than 180 days have passed from the loan period end date to the first disbursement
  • At the time of the request, the student borrower is enrolled or intends to enroll, or the student borrower has graduated
  • The student was previously enrolled either half or full time during the prior enrollment period, and did not withdraw
• Web site

3 Fifth Third Bank: Smart Option Student Loan

• Variable interest rates range from 2.25% to 9.37% APR
• Fixed interest rates range from 5.74% to 11.85% APR
• No disbursement or repayment fees
  
• Applying with a creditworthy cosigner may help to qualify and/or receive a lower interest rate
• The borrower may apply for cosigner release after successful completion of their education
• A 0.25% interest rate reduction is available for automatic debit
• Web site

4) Union Federal Private Student Loan

• Variable interest rates range from 2.80% to 9.19% APR
• Interest rates are based on 1-month LIBOR
• Co-signer release after 36 on-time payments
• Past-due balance option
• Interest rate reductions for Automatic Clearing House auto-debit during repayment and on time payments
• International students may apply with eligible U.S. cosigner
• Student loan protection in case of death
• Allows students to choose the number of years they want to repay the loan (5, 10, or 15 years), and select from multiple repayment options (Fully Deferred Repayment, Interest Only Repayment, Partial Interest Repayment or Immediate Repayment)
• Web site

5) Charter One: Trufit

• Variable interest rates range from 2.90% to 8.96% APR
• Interest rates are based on 1-month LIBOR
• Fixed rates range from 5.75% to 11.51% APR
• No origination, disbursement or repayment fees
• 0.50% interest rate reduction for automatic debit of payments from any eligible Charter One account
• 0.25% interest rate reduction for automatic debit of payments from any eligible bank account
• Cosigner release available after 36 consecutive on-time payments
• In the event of the death or total and permanent disability of the student borrower, the TruFit Student Loan will be forgiven.  If the loan is cosigned, the co-borrower will be released from all future obligations relating to the debt.  
• Can be used for past due balances
• Web site

6) Wells Fargo: Collegiate Loan

• Variable interest rates as low as 2.93% APR
• Fixed interest rate as low as 5.94% APR
• No origination, disbursement or repayment fees
• Make no payments until 6 months after leaving school
• Reduce interest rate up to 1.00% with new or existing Wells Fargo Checking Package® account
• Reduce interest rate an additional 0.50% with auto payment and graduation
• Web site

7) Discover

• Variable interest rates as low as 3.25% APR
• Fixed rate loans as low as 5.49% APR
• Interest rates are based on Prime Rate
• No origination, disbursement or repayment fees
• 0.25% interest rate reduction for automatic debit of payments
• 2% interest rate reduction at graduation
• No payments while in school at least half-time
• 15 year repayment period
• Cosigner optional
• Web site

8) cuScholar

• Variable interest rates range from 3.29% to 9.29% APR
• Interest rates are based on 3-month LIBOR
• Zero (0%) Origination Fees
• No cosigner required if applicant meets credit eligibility. Borrower is encouraged to apply with cosigner to achieve lowest rate
• Cosigner release available after 24 on-time payments
• 1% interest rate reduction after 10% of principal has been repaid
• Web site

9) PNC Solution Loan

• Variable interest rates range from 3.43% to 10.46% APR
• Fixed interest rates range from 6.23% to 12.99% APR
• Interest rates are based on 1-month LIBOR
• No origination fees
• No payments due until 6 months after graduation or enrollment in-school less than half-time
• 15 year repayment period
• 0.5% interest rate reduction for Automatic Clearing House auto- debit during repayment and on time payments
• Cosigner release option after 48 on-time payments
• Multiple reayment options (deferral of principal and interest until graduation, interest only, immediate repayment)
• Web site

We invite all lenders who would like to be considered for inclusion on this list to submit a proposal to the Wake Forest Office of Student Financial Aid. All proposals must include: origination fees, range of interest rates, range of Annual Percentage Rates, monthly payments, number of payments, total cost of loan, due date of first payment, and borrower benefits.