Private Educational Lenders

Policy

Discover

 

Wells Fargo

Sallie Mae

SunTrust Charter One Union Federal cuScholar
Phone 877.728.3030   800.658.3567 888.2SALLIE   888.272.5543 866.232.3889 800.721.3969 866.513.8445 888.549.9050
Web www.discoverstudentloans.com   www.wellsfargo.com/student https://www.SallieMae.com www.suntrusteducation.com/customchoice www.charterone.com/trufitstudentloan www.unionfederalstudentloans.com www.custudentloans.org
Facebook NONE

 

http://www.facebook.com/wellsfargo http://www.facebook.com/salliemae https://facebook.com/suntrust http://www.facebook.com/citizensbank NONE www.facebook.com/cuStudentLoans

Interest Rate is based on

Prime

 

Prime/VFR

1-mo LIBOR

1-mo LIBOR LIBOR LIBOR 3-mo LIBOR
Fixed or Variable Rate Variable Rate..   Choice of Variable Rate or Fixed Rate during application. Choice of Variable Rate or Fixed Choice of Variable Rate or Fixed Variable Rate or Fixed Variable Rate Variable Rate
Lender Discounts ACH Reductions, Loyalty Discounts, etc. Yes, (ACH)   Yes, (Loyalty, Graduation) N/A No discounts No discounts Yes, discounts offered Yes, discounts offered

Lowest Possible  Rate

Prime +0.00%

 

PRIME/VFR+0.25%

Variable Rate LIBOR +2.0%                         Fixed Rate 5.74%

Variable: LIBOR + 2.00%                   Fixed Rate            3.75% Variable: LIBOR + 2.70%            Fixed 6.75% Variable:LIBOR + 2.60% Variable: LIBOR + 2.99%
Origination Fees NONE   NONE NONE View lenders website View lenders website View lenders website None

Highest Possible Rate

Prime +6.25%

 

Prime Variable/VFR +6.74%

Variable Rate LIBOR +8.875%                    Fixed Rate 9.09%

Variable LIBOR + 9.61%                    Fixed: 12.25% Variable: LIBOR + 9.75%            Fixed: 12.75% Variable: LIBOR + 8.99% Variable: LIBOR + 8.99%, with a cap at 18%
Disbursement Hold Period 8 business days   6 business days 6 business days 8 to 10 days 3 business days 5 to 7 business days 3 to 7 business days

Payment while in School

No

 

No

No

No No Yes Visit lender website

Cosigner Recommended

Yes

 

Yes

Yes

Yes Yes Yes Yes
Cosigner **Release No   Yes, after 24 cop Yes, after 24 cop Yes Yes, after 36 cop Visit lender website Yes, after 24 cop

Must be Degree Seeking

Yes

 

No

No

Yes Yes Yes Yes

Meeting Satisfactory
Academic Progress

Yes

 

No

No

No No No Yes (2.0 cum GPA)

6 Units Minimum

No

 

No

No

Yes Yes No Yes

Law

No

 

Yes

Yes

No No No No

Bar Study

No

 

Yes

Yes

No No No No

Medical

No

 

Yes

Yes

No No No No

Residency Relocation 

No

 

Yes

Yes

No No Yes No

International Students

Yes/ US cosigner

 

Yes/ US cosigner

Yes/ US cosigner

No Yes/ US cosigner Visit lender website No

Private Loan Consolidation

No

 

Yes

No

No No No Yes

Off shore customer  service
centers

No

 

No

No

No No NONE NONE
Grace 6 months undergrad/ 9 months graduate   6 months 6 month 6 months Visit lender website Visit lender website 6 months

*The Variable Floor Rate (VFR) provision on private student loans means that the variable interest rate will never go below the VFR, regardless of changes to the Prime Rate or LIBOR. Be aware, the VFR is not an industry standard rate, so it will be different for each lender.
Interest rate variables are as of June 1, 2012 and are subject to change by the lender without notice.

**COP (Consecutive On-time Payments)

Notice of Disclosure for Private Educational Lenders

Borrowers Caution:

Borrowers should research lenders before selecting a private educational loan. Review the list of questions in the matrix above to ask each lender before applying for a loan.

Interest Rate Warning

The private educational loans offered from each lender above are very different. They may have fixed or variable interest rates. The matrix above does not compare loan products of the same type between lenders. The interest rates and fees listed will vary based on the borrower's credit. The best way to get a true interest rate comparison is to read the lender's web site and apply.

How Lenders are Selected for this List

Lenders are placed on the above list based on their approval of loans for UA students, UA's objective of having more than six competitive lenders and a review of the lender's official Request For Information (RFI)

How the Lender's Position on the List is Determined

Lender names are randomly placed on the list.