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:

Simple Tuition

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 0.27%. The three-month LIBOR rate is currently 0.54%.

1) Sallie Mae: Smart Option Student Loan

• Interest rates range from 1-month LIBOR + 2.00% to 1-month LIBOR + 9.875%
• 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

2) Fifth Third Bank: Smart Option Student Loan

• Interest rates range from 1-month LIBOR + 2.00% to 1-month LIBOR + 9.875%
• 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

3) Wells Fargo: Collegiate Loan

• Interest rates range from Prime Rate + 0.25% to Prime Rate + 6.74%
• 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
• Cosigner release after 24 consecutive on-time payments, if borrower meets credit guidelines at time of request
• Web site

4) SunTrust: Academic Answer (through Feb. 26, 2012)

• Interest rates as low as 1-month LIBOR + 2.75%
• No origination, disbursement or repayment fees
• 0.25% interest rate reduction for automatic debit of payments
• $300 loan reduction at graduation
• No payments due until 6 months after graduation or enrollment in-school less than half-time
• 15 year repayment period
• Cosigner release after 48 on time monthly payments
• Web site

SunTrust: Custom Choice

• Choice of Fixed or Variable Rate Loan
• Choice of Repayment Option
• Choice of Repayment Terms
• Variable interest rates range from 1-month LIBOR + 2.60% to 1-month LIBOR + 11.72%
• Fixed interest rates range from 3.40% to 13.49%
• A 1.00% principal reduction per loan at graduation
• 0.25% interest rate reduction for automatic debit of payments
• Cosigner release after 48 on time monthly payments
• Web site

5) Charter One: Trufit

• Variable interest rates range from 1-month LIBOR + 2.70% to LIBOR + 9.25% for borrowers with cosigners
• Variable interest rates range from one-month LIBOR + 3.00% to LIBOR + 11.25% for borrowers without cosigners
• Fixed rate loan with rates as low as 6.75%
• 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) Union Federal Private Student Loan

• Variable Rates range from 1-month LIBOR + 2.60% to 1-month LIBOR + 8.99%,
• 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

7) U.S. Bank

• Interest rates range from Prime Rate + 0.20% to Prime Rate + 7.70%
• No origination, disbursement or repayment fees
• No payments while enrolled at least half-time for up to 7 years
• No payments due until 6 months after graduation
• "Look Back" feature - borrow for previous debt owed to school
• Cosigner release option available after 36 on-time payments
• Web site

8) National Education: Preferred Loan

• Interest rates range from Prime Rate + 0.20% to Prime Rate + 7.70%
• No origination, disbursement or repayment fees
• No payments while enrolled at least half-time for up to 7 years
• No payments due until 6 months after graduation
• "Look Back" feature - borrow for previous debt owed to school
• Cosigner release option available after 36 on-time payments
• Web site

9) PNC Solution Loan

• Variable Rates range from 1-month LIBOR + 3.3% to 1-month LIBOR + 11%,
• 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

10) cuStudentLoans: EdAccess Private Student Loan

• Interest rates range from 3-month LIBOR + 2.99% to 3-month LIBOR + 8.99%, subject to 3.00% interest rate floor
• 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

11) Citibank: CitiAssist

• Interest rates range from 3-month LIBOR + 2.75% to 3-month LIBOR + 9.00%
• No origination, repayment or servicing fees
• 0.25% interest rate reduction for automatic debit of payments
• No payments while in school
• Grace period after graduation
• 15 year repayment period
• 24 month cosigner release option available
• Web site

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

• Interest rates range from low of 3-month LIBOR + 3.25% to 3-month LIBOR + 9.25%, if student applies with a co-signer
• No origination, disbursement or repayment fees
• $1,001 minimum loan amount
• Can be used to cover a previous school balance
• 0.25% interest rate reduction for automatic debit of payments
• Cosigner release after 36 consecutive on-time payments of interest and principal
• Web site

13) Discover

• Interest rates range from Prime Rate + 0% to Prime Rate + 6.25%
• No origination, disbursement or repayment fees
• 0.25% interest rate reduction for automatic debit of payments
• 2% interest rate reduction at graduation
• No payments due until 9 months after graduation or enrollment in-school less than half-time
• 15 year repayment period
• Cosigner optional
• 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.