Private Loans
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. The list below is a historical survey of lenders our students have borrowed from in the past 5 years. 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 | Application and Solicitation Disclosures |
|---|---|---|---|---|---|
| CHESLA phone: (FirstMark Loan Services) +1-800-935-2275 |
Interest Rate: 5.95% fixed (6.32% to 6.46% %APR over the life of the loan accounting for 3% reserve fee |
Who is Eligible?: Undergraduate & Graduate enrolled at least half time in a degree granting program. MUST BE A RESIDENT OF CT, can be attending a school anywhere in the US. Credit Check: Yes Cosigner is not required if student is credit worthy. Citizenship Required: Applicant must be U.S. citizen or permanent resident and a resident of the state of CT Satisfactory Academic Progress - required Can be used for past due balances up to 12 months old, must still be enrolled at the school |
Cost minus Aid. Total CHESLA educational loan debt not to exceed $125,000 minimum loan amount: $2,000 |
CHESLA - TILA application and solicitation disclosure | |
| Citizens Bank phone: +1-800-708-6684 fax: +1-877-838-8644 |
Interest Rate: Depends on how you apply Variable: 1month Libor + 2.5% to 1month Libor + 9.25% Fixed Rate: Range from 5.75% to 11.75% Fees: None |
Who is Eligible? Undergraduate & Graduate enrolled at least half time in a degree granting program Credit Check: Yes Student must have reached the age of majority in their state of residence. (If student does not meet the age of majority in their state a co-signer will be required) Citizenship Required: Applicant must be U.S. citizen or permanent resident. Or international with U.S. citizen or permanent resident as cosigner. Satisfactory Academic Progress - not required Can be used for past due balances up to 180 days old |
.50% interest rate reduction if use automatic payment from a Citizens Bank account .25% reduction for automatic payment from any other bank account cosigner may be released after 36 on time payments if student borrower is credit worthy Borrower can choose a 5, 10 or 15 year repayment term. loan is canceled in the unfortunate event of the death of the student borrower |
Cost minus Aid. Total educational debt (private and federal) not to exceed $120,000 for undergraduate Not to exceed $150,000 for graduate Minimum loan amount - $1,000 |
Citizens Bank - TILA variable rate application and solicitation disclosures |
| Discover Student Loan Certified Private Loan phone: +1-877-728-3030 Fax: +1-877-239-8214 email: Service@ DiscoverStudent Loans.com |
Interest Rate: depends on how you apply Varieable Rate Loans: Prime + 0% to Prime + 6.25% Fixed Rate Loans: 6.79% to 9.99% Fees: zero |
Who is Eligible?: Undergraduate & Graduate enrolled at least half time. Must be in a degree seeking program. Credit Check: Yes Cosigner is not required if student is credit worthy. May qualify for a lower interest rate with cosigner. Citizenship Required: Applicant must be U.S. citizen or permanent resident. Satisfactory Academic Progress - required Can not be used for past due balances |
2% cash reward on outstanding principal balance at graduation .25% interest rate reduction if use ACH |
Cost minus Aid $150,000 maximum total loan debt originated through Discover Bank (federal and private debt) minimum loan amount - $1,000 |
Discover - TILA application and solicitation disclosures |
| MEFA phone: +1-800-266-0243 fax: +1-888-725-2855 email: info@mefa.org |
5.99- 8.09% fixed depending on repayment type (immediate, interest only or deferred) APR 7.26 - 8.55% when accounting for origination fee. See website for further details. Fees: 4 - 7% origination fee depending on how you apply |
Who is Eligible?: Undergraduate & Graduate enrolled at least half time. Credit Check: Yes Cosigner is not required if student is credit worthy. Citizenship Required: Applicant must be U.S. citizen or permanent resident. Satisfactory Academic Progress - required Can be used for past due balances for the current academic year |
co-signer release after 48 ontime pagments if borrowing the Student Deferred Loan |
Cost minus aid No aggregate limit |
MEFA - undergraduate immediate repay - TILA application and solicitation disclosure MEFA - undergraduate interest only repay - TILA application and solicitation disclosure MEFA - undergraduate defered payment - TILA application and solicitation disclosure MEFA - undergraduate student alternative loan - TILA application and solicitation disclosure MEFA - graduate interest only repay - TILA application and solicitation disclosure MEFA - graduate defered payment - TILA application and solicitation disclosure |
| MELA Maine Educational Loan Authority Phone: +1-800-922-6352 Fax: +1-207-791-3616 |
Rates listed are for 2011-2012 2012-2013 rates expected in June 2012 Interest Rate: 7.75% fixed Origination Fee: 4% |
Who is Eligible?: Undergraduate & Graduate enrolled at least half time in a degree granting program. MUST BE A RESIDENT OF ME, can be attending a school anywhere in the US. Credit Check: Yes Cosigner is not required if student is credit worthy. Citizenship Required: Applicant must be U.S. citizen or permanent resident and a resident of the state of ME Satisfactory Academic Progress - not required |
cost minus aid no aggregate limits minimum loan amount $1,000 |
MELA - TILA application and solicitation disclosure | |
|
PNC BANK |
Interest rates: Depends on credit Variable rate loans: 1 month LIBOR + 3.3% to 1 month LIBOR + 11% Fixed rate loans: 6.49% - 13.79% |
Who is Eligible? Undergraduate & Graduate enrolled at least half time in a degree or certificate granting program Credit Check: Yes Cosigner is not required if student is credit worthy Citizenship Required: Applicant must be U.S. citizen or permanent resident. Satisfactory Academic Progress - not required Can be used for past due balances up to 90 days old |
.50% interest rate reduction for ACH Cosigner may be released after 48 ontime payments if student borrower is credit worthy |
Cost minus aid to a maximum of $40,000 per year total loan idebtedness (federal and private) not to excees $225,000 |
PNC undergraduate - TILA application and solicitation disclosure |
|
RISLA |
Interest rates: 6.39 - 7.49% fixed depending on repayment type (immediate, interest only or deferred) APR 7.23% - 7.56% when accounting for origination fee. See website for further details. Fees: 4% origination fee |
Who is Eligible?: Student must be a resident of Rhode Island, can be enrolled out of state Credit Check: Yes Cosigner required if student is under 24 years old or is not credit worthy Citizenship Required: Applicant must be U.S. citizen or permanent resident, or an international student with a valid U.S. social security number and a U.S. address and a US citizen or permanent resident as a coapplicant Satisfactory Academic Progress - not required Cannot be used for past due balances |
cosigner may be released from note after 24 on time payments if student borrower is credit worthy loan is canceled in the unfortunate event of the death of the student borrower |
cost minus aid to a maximum of $35,000 per year student's educational debt not to exceed $125,000 (does not included federal debt) minimum loan amount $1,500 |
RISLA - RIFEL loan - TILA application and solicitation disclosure |
|
Sallie Mae |
Interest Rate: Depends on how you apply Variable rate loans: 1month LIBOR + 2% to 1 month LIBOR + 9.875%. fixed rate loans: 5.75% - 12.875% See lender website for further details Fees: zero |
Who is Eligible?: Undergraduate & Graduate students enrolled in at least one class Credit Check: Yes Cosigner not required if student is credit worthy. May qualify for a better interest rate with a cosinger Citizenship Required: Applicant must be U.S. citizen or permanent resident. Or international with U.S. citizen or permanent resident as cosigner. Satisfactory Academic Progress - not required Can be used for past due balances up to 365 days old. Student must be currently enrolled. |
.25% interest rate reduction if use ACH Smart Reward - 2% off the scheduled monthly payment paid to Upromise reward account when payments made on time. Cosigner may be released after 12 on time payments if student is credit worthy. Tuition insurance benefit (see lender website for details) loan is canceled in the unfortunate event of the death of the student borower |
Cost minus Aid Total educational debt (federal and private) not to exceed $200,000. Minimum loan amount - $1,000 |
Sallie Mae - Smart Option - TILA application and solicitation disclosure |
|
Sun Trust |
Interest Rates: Depends on how you apply Variable rate -1 month LIBOR + 2.0% to 1 month LIBOR + 9.61% Fixed Rate - 3.75% to 12.25% |
Who is Eligible? Undergraduate & Graduate enrolled at least half time in a degree granting program Credit Check: Yes Cosigner is not required if student is credit worthy Citizenship Required: Applicant must be U.S. citizen or permanent resident. Satisfactory Academic Progress - not required Can be used to pay past due balances up to 30 days old |
.25% interest rate reduction for ACH 2% principal reduction per loan at graduation (1% on the Collegiate Custom Choice Loan) Cosigner may be released from note after 48 ontime payments if student is credit worthy |
Collegiate Custom Choice Loan: Cost minus aid to a maximum of $65,000 per year Total student loan aggregate debt limits (including all student loans and any unsecured, deferred The minimum loan amount is $1,001 in all states except AK ($5,001), CO ($3,001), NM ($2,501), OK |
Sun Trust - TILA application and solicitation disclosure |
| Union Federal Savings Bank Union Federal Private Student Loan (originated by First Marblehead) phone: +1-866-513-8445 |
Interest Rates: Depends on how you apply Variable rate -1 month LIBOR + 2.6% to 1 month LIBOR + 8.99% Graduate - 1 month LIBOR +2.6% to 1 month LIBOR +7.25% |
Who is Eligible? Undergraduate & Graduate enrolled at least half time in a degree granting program Credit Check: Yes Cosigner is not required if student is credit worthy Citizenship Required: Applicant must be U.S. citizen or permanent resident. Satisfactory Academic Progress - not required Can be used to pay past due balances up to 90 days old |
.25% interest rate reduction for ACH .25% interest rate reduction for 36 ontime payments .25% interest rate reduction for Tuition Management Systems (TMS) customers Cosigner may be released from note after 36 ontime payments if student is credit worthy Loan is canceld in the unfortunate event of the death of the student borrower |
Cost minus aid to a maximum of $65,000 per year Total student loan aggregate debt limits (including all student loans) not to exceed $150,000 |
Union Federal - TILA application and solicitation disclosure |
| VSAC Vermont Student Assistance Corporation VT Advantage and VT Choice Loans Phone: +1-800-798-8722 |
RATES reflect 2011-2012 rates. 2012-2013 rates are expected in mid June 2012 Interest rates: Depends on how you apply Fixed at 7. 5% to 8.5% Fee: 0 to 5% |
Who is Eligible?: Undergraduate & Graduate enrolled at least half time in a degree granting program. MUST BE A RESIDENT OF VT, can be attending a school anywhere in the US. Credit Check: Yes Cosigner is required. Citizenship Required: Applicant must be U.S. citizen or permanent resident and a resident of the state of VT Satisfactory Academic Progress - required VT Choice Loan can be used for past due balances up to 24 months old, must still be enrolled at the school |
Cosigner may be released after 48 on time payments if student borrower is credit worthy |
Cost minus aid No aggregate limit minimum loan amount $200 |
VSAC - Vermont Advantage Loan - TILA application and solicitation disclosure VSAC - Vermont Choice Loan - TILA application and solicitiation disclosure |
| Wells Fargo Collegiate Loan phone: +1-800-658-3567 *Other loan options available |
Interest Rate: Depends on how you apply Fixed interest rate loan from 5.94% to 13.99% with no fees. Variable rate loans from Prime + .25% to Prime +6.74% Rates capped at 18% Fees: None |
Who is Eligible?: Undergraduate taking at least one class(must be in a degree seeking program for the Graduate or Student loan for parents) Credit Check: Yes Cosigner is not required if student is credit worthy. Citizenship Required: Applicant must be U.S. citizen or permanent resident. Or international with U.S. citizen or permanent resident as cosigner. Satisfactory academic progress - not required for most WF loan products Can be used for past due balances as long as the student is currently enrolled. There is not time limit for covering past due balances |
.25% interest rate reduction at graduation .25% interest rate redcution for use of ACH .25% to .5% for applicant or coapplicant with current Wells Fargo accounts free Wells Fargo College checking account Co-signer may be released after 24 on time payments if student borrower is credit worthy. |
Cost minus Aid total educational debt (federal and private) not to exceed $120,000 for undergraduate minimum loan amount - $1,000 |
Wells Fargo - TILA application and solicitation disclosures |
