How to Apply for a Private Alternative Loan

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PRIVATE ALTERNATIVE LOAN COMPARISONS

1)    NJ Class

• US or eligible non-citizen.
• New Jersey resident attending an approved school.
• Enrolled at least half-time in a degree or certificate program.
• Maintain SAP.
• Parents may borrow on behalf of the student.
• 7. 62 percent for immediate repayment and 7.62 percent for interest only repayment.
• Only a 2 percent loan fee.
• Loan Application Disclosure
• Grad Loan Application Disclosure

2)    Sallie Mae Smart Option Student Loan

• Pricing that rewards good credit.
• Applying with a creditworthy cosigner may help obtain a lower interest rate.
• The borrower may apply for cosigner release after the successful completion of their education.
• A 0.25 percent interest rate reduction is available for automatic debit.
• Combined billing is available for Sallie Mae serviced loans.
• Interest rates are variable and are based on the one month Libor index.
• Zero to 5 percent disbursement fees.  No repayment fees.
• Loan Application Disclosure

3)    CitiAssist

• Full suite of private loan products for undergraduate, graduate, health, and law students.
• Competitive interest rates.
• Fees as low as 0.00%.
• No payments while in school.
• Grace period after graduation.
• Apply with a creditworthy co-signer to increase your chance of approval and/or qualify for a better interest rate.
• Must be enrolled at least part-time at an approved university.
• Loan Application Disclosure

4)    Wells Fargo Collegiate Loan

• No payments during school
• Easy online application with quick credit decision
• Choose fixed or variable interest rate
• Fixed rates as low as 7.24% as of April 1, 2012
• Variable rate as low as 3.40% APR as of April 1, 2012(Prime* + 0.25%, to Prime + 6.74%)
• Reduce interest rate up to 1.00%
• No application, origination, or early repayment fees
• Loan forgiveness in the event of a student beneficiary’s death or total permanent disability
• Co-signer Release Option available after 24 consecutive on-time payments
• Applying with cosigner helps ensure lowest interest rate and fastest approval process
• Loan Application Disclosure

5)   Discover

• Interest Rate: Prime plus .5 percent to Prime plus 7.75 percent
• No origination, guarantor, or prepayment fees
• 0.25 percent interest rate reduction for automatic withdrawals from bank account
• 2 percent interest rate Graduation Reward base on your outstanding principle balance
• Must be U.S. citizen
• A co-signer may be required
• Enrollment: You must be enrolled at least half-time in a degree seeking program
• Loans can be certified for balances incurred within last six months
• Satisfactory academic required
• Annual maximum: Cost of attendance less other aid
• No payments required while enrolled at least half-time
• Six month grace period
• Repayment up to 15 years
• Loan Application Disclosure

6)  National Education Smart Option Loan by Sallie Mae

• 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
• Join Upromise® by Sallie Mae at Upromise.com, and you can use the rewards you earn on your everyday purchases to help automatically pay down your eligible Sallie Mae-serviced loans with Upromise Loan Link®
• Pricing that rewards good credit
• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate 
• Pay a little now, save a lot later by making interest-only payments while in school. Students complete their education with less debt and avoid capitalized interest
• Easy online application and 24/7 online account management
• Available for U.S. citizens in study abroad programs and U.S. citizens studying at medical schools outside the U.S.
• Loan Application Disclosure

7)  Fifth Third Bank

• Competitive interest rates— 2.75% APR to 10.23% APR
• No origination fees
• Pay now or later—defer your payments until after school or choose an in-school repayment option that fits your needs
• Borrow up to 100% of your school certified education costs (minimum $1,000)
• Get a 2% Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school (Not available with Deferred Repayment Option)
• Earn a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payment by automatic debit
• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. You can apply for a cosigner release after you graduate and make 12 consecutive on-time principal and interest payments.
• Loan Application Disclosure

8) SunTrust Custom Choice Loan

• Choose a fixed rate student loan with predictable monthly payments, or a variable-rate loan.
• Ability to view current rates and calculate different loan scenarios online before committing to a loan type.
• Choice of repayment terms: Immediate Repayment, Interest-Only Repayment, Partial Interest Payment, or Full Deferment.
• Choice of repayment plans: You can choose from a 5, 10, 15 or 20 year repayment plan.
• 1% principal reduction per loan at graduation.
• 0.25% interest rate reduction for automatic withdrawal of payments from a bank account.
• Additional 0.25% interest rate reduction for automatic withdrawal from a SunTrust bank account.
• Cosigner release option available.
• Loan Application Disclosure