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Alternative loans, private student loans offered by various lenders, are another source of financing your educational costs. These loans are based on credit approval and interest begins accruing upon disbursement of the loan. You can receive an alternative loan in addition to the Federal Loans, but the total of your loans cannot exceed the cost of attendance less any financial aid you receive. Each loan has different terms, borrowing limits, interest rates, and other special criteria.
It is your responsibility to research and choose a financing source that best suits your needs. Therefore, please call the lender and/or visit their website for more detailed information.
Charter One Trufit Student Loan
- Students enrolled at least half-time* in degree-granting program.
- Variable interest rate based credit using the one-month LIBOR Index.
- Can cover past-due balances (up to 6 months after the end of the academic year).
- Contact 1-800-721-3969 or http://www.charterone.com/trufitstudentloan
Chase Select Loan
- Students enrolled at least half-time* in an approved 4-year college or university.
- Variable interest rate based on credit using the 3-month LIBOR Index.
- Can cover past due balances – current enrollment not required.
- Must be making Satisfactory Academic Progress.
- Contact 1-866-306-0868 or www.ChaseSelectLoans.com
CITI-Assist Loan
- Students enrolled at least part-time** in an approved 4-year college or university.
- Variable interest rate based on credit using the 3-month LIBOR Index.
- Can cover past due balances.
- Contact 1-800-967-2400 or www.studentloan.com
Discover Student Loans
- Must be a U.S. citizen or a permanent resident.
- Students enrolled at least half-time* in an approved 4-5 year college or university.
- Must have a cosigner – you and your cosigner must pass a credit check.
- Variable interest rate based on credit using the Prime Interest Rate.
- Must be making Satisfactory Academic Progress.
- Contact 1-877-728-3030 or www.DiscoverStudentLoans.com
Sallie Mae Smart Option Student Loan
- Undergrad/Graduate students enrolled at least half-time* – Foreign students must have US co-signer.
- Variable interest rate based on credit using the one-month LIBOR Index.
- Monthly interest-only payments are required during the in school period and six-month grace period.
- Can cover past due balances (up to 6 months after the end of the academic year).
- Contact Sallie Mae at 1-800-695-3317 or http://www.salliemae.com/get_student_loan/find_student_loan/smart-option-student-loan.htm
Wells Fargo Collegiate Loan
- Undergrad/Graduate students enrolled at least part-time** seeking a degree – Foreign students must have US co-signer.
- Variable interest rate based on credit using the Prime Interest Rate.
- Co-signer required for most borrowers.
- Contact 1-800-378-5526 or www.wellsfargo.com/student
* Half-time enrollment is defined as being enrolled in 6-8 credits.
** Part-time enrollment is defined as being enrolled in 5 or less credits
To obtain a deferment on an alternative loan the loan must be approved (not pre-approved, there is still a chance that the loan could be denied, even if it was pre-approved). If you turn in an application during the first week of classes, you will not be given a deferment until we have approval from the lender.
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