Private Loan Products We Suggest.
DISCLAIMER FOR ALL PREFERRED LENDER LISTS
The lenders listed on WPI's Office of Financial Aid website and on printed materials are recommendations only and students have the option of using these lenders or they may elect to use lenders of their own choosing. Each year WPI invites any interested lenders to submit proposals to be placed on our recommended lender list. Decisions are based on customer service history, and attainable borrower repayment benefits. WPI is in no way induced to choose any of the lenders appearing on their lists.
| LENDER INFORMATION | Interest Rate & Fees | Eligibility | Benefits | Maximum Loan Amount | Term of Loan |
|---|---|---|---|---|---|
Citi Assist+1-800-745-5473 | Interest Rate: Depends on how you apply Prime (minus) -0.5% to Prime +4.75% Fees: 0 - 5% borrowers with strong credit receive zero fees | Who is Eligible? Undergraduate & Graduate enrolled at in at least 1 class. Credit Check: Yes Cosigner or Co-borrower: Borrower's minimum income cannot fall below $18,000 or a cosigner is required. Citizenship Required: Applicant must be U.S. citizen or permanent resident. Or international with U.S. citizen or permanent resident as cosigner. | Deferment Options: Principal and interest deferment while student is enrolled up to 10 years. Interest will accrue and will be added back to principal at the time of repayment. Process Time: Instant pre-approval, up to 2 weeks process time. Prepayment Penalties: None .5% interest rate reduction if first 48 payments are made on time. .25% interest rate reduction if use ACH After 48 on time payments co-signer can apply to be released from note. | Cost minus Aid, total educational debt not to exceed $120,000 for undergraduate and $150,000 graduate. | Up to 12 years (15 if a graduate student) |
Edamerica Xtra Credit Loan+1-800-337-6884 | Interest Rate: LIBOR + 5.5% to LIBOR +7.25% Fees: 4 - 7%
| Who is Eligible? Undergraduate & Graduate enrolled at least half time. Credit Check: Yes Cosigner or Co-borrower: Cosigner is not required if student is credit worthy (typically freshman need cosigner); may qualify for a lower interest rate with cosigner. Citizenship Required: Applicant must be U.S. citizen or permanent resident. | Deferment Options: Principal deferment while student is enrolled, interest must be paid. Interest repayment begins within 45 days of final disbursement. Process Time: Instant pre-approval/denial, on average 2 weeks process time. Prepayment Penalties: None After 36 on time payments co-signer can apply to be released from note. | Cost minus Aid, no aggregate limit. | Up to 20 years, depending on loan amount |
Sallie Mae Signature+1-800-695-3317 | Interest Rate: Depends on how you apply LIBOR + 4.5% to LIBOR + 11.25%. See lender website for further details Fees: zero fees | Who is Eligible? Undergraduate & Graduate Credit Check: Yes Cosigner or Co-borrower: Cosigner needed if, Freshman or Foreign student; no or low credit history. Better interest rates w/cosigner. Citizenship Required: Applicant must be U.S. citizen or permanent resident. Or international with U.S. citizen or permanent resident as cosigner. | Deferment Options: Principal and interest deferment while student is enrolled. Interest will accrue and will be added back to principal at the time of repayment. Process Time: Instant pre-approval, up to 2 weeks process time. Prepayment Penalties: None After 24 on time payments co-signer can apply to be released from note. | Cost minus Aid no aggregate limit for qualified borrowers. | 15 - 25 years |
Wachovia Education Loan+1-800-338-2243 |
| As of August 6, 2008 Wachovia is no longer offering their private loan. Any loans that were already processed as of this date will be funded for the 0809 academic period. |
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1-800-378-5526 | Interest Rate: Depends on credit. From Prime +0% to Prime +5.99% Fees: None
| Who is Eligible? Undergraduate & Graduate Credit Check: Yes Cosigner or Co-borrower: Cosigner needed if, Freshman,Sophomore or Foreign student; no or low credit history. Better interest rates w/cosigner. Citizenship Required: Applicant must be U.S. citizen or permanent resident. Or international with U.S. citizen or permanent resident as cosigner. | Deferment Options: Principal and interest deferment while student is enrolled up to 7 years. Interest will accrue and will be added back to principal at the time of repayment. Process Time: Instant pre-approval, up to 2 weeks process time. Prepayment Penalties: None After 24 on time payments co-signer can apply to be released from note.
| Cost minus Aid, total educational debt not to exceed $120,000 for undergraduate | Up to 15 years |
Last modified: October 28, 2008 10:39:41