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 

FEDERAL PLUS LOAN

+1-800-433-3243

Interest Rate: 6.41% fixed

Fees: 4.288% loan fee for loans disbursed after 12/1/13.

Withheld from loan disbursement to the school

Parent of an undergraduate student or a Graduate student borrowing for themselves. Student must be enrolled at least half time in a degree granting program. A Free Application for Federal Student Aid (FAFSA) must be filed prior to application. Federal Pin # is required for application.

Credit Check: Yes

Co-signer not required if applicant is credit worthy

Citizenship Requires: Applicant must be a U.S. citizen

Satisfactory Academic Progress - required

Cannot be used for past due balances

Loan can be deferred while the student is enrolled on an at least half time basis.

 

If parent is denied the undergraduate student automatically becomes eligible for additional Unsubsidized Stafford Loan funding.

Yearly additional Unsubsidized Stafford limits apply

Freshman or Sophomore year - additional $4,000

Junior or Senior year - additional $5,000

Cost minus aid.

No aggregate limit

CHESLA
phone: (FirstMark Loan Services)
+1-800-935-2275

Interest Rate: 5.99% 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 1 month 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. Student must currently be enrolled at least half time or has recently graduated

.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

Variable Rate Loans:

Prime + 0% to Prime + 5.00%

Fixed Rate Loans: 5.49% 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

Student must be at least 18 years old (16 if applying with a cosigner)

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, or International student with a valid Social Security number and a U.S. citizen or permanent resident as a cosigner

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 - 8.68% 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 payments if borrowing the Student Deferred Loan

Cost minus aid

No aggregate limit

MEFA - undergraduate TILA application and solicitation disclosures

MEFA - graduate TILA application and solicitation disclosures

MELA
Maine Educational Loan Authority
Phone: +1-800-922-6352
Fax: +1-207-791-3616

Interest Rate: 7.25% 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
phone: +1-800-762-1001
fax: +1-800-300-2213
email: eduloans@pnc.com

Interest rates: Depends on credit

Variable rate loans:

1 month LIBOR + 3.3% to 1 month LIBOR + 10.25%

Fixed rate loans: 6.49% - 12.99%

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. Must apply for loan within 60 days after the end of the loan period for which the loan is to be certified.

.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 indebtedness (federal and private) not to excees $225,000

PNC - TILA application and solicitation disclosures

 

RISLA
Phone: +1-800-758-7562
Fax: +1-401-468-2196

Interest rates: 5.39- 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: 0 - 4% origination fee depending on repayment options

Who is Eligible?: Student must be a resident of Rhode Island, can be enrolled out of state
Undergraduates taking at one class

Graduates must be enrolled full time.

Credit Check: Yes

Cosigner required if student 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

Loan forgiveness programs for elgible nurses, nurse educators and internships.

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
Smart Option Student Loan
Phone: +1-888-272-5543
Fax: +1-888-777-7562

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 borrower

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
Collegiate Custom Choice Loan (originated by First Marblehead)
phone: +1-866-232-3889

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 one month following the end of the applicant's academic period. Student does not need to be enrolled to apply for loan for past due balance but must have been at least half time during the academic period for which the loan is to be used.

.25% interest rate reduction for ACH

.25% additional rate reduction for auto debit from a Sun Trust deposit account.

1% principal reduction per loan at graduation

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
consumer debt) not to exceed $150,000 for graduate

The minimum loan amount is $1,001 in all states except AK ($5,001), CO ($3,001), NM ($2,501), OK
($4,401), RI ($5,001), and SC ($3,401).

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 + 8.18%

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

Student must be at least the age of majority in their state of residence at the time of the loan application, or at least 17 if applying with a cosigner

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. Student does not need to be enrolled to apply for loan for past due balance but must have been at least half time during the academic period for which the loan is to be used.

.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 2012-2013 rates.

2013-2014 rates are expected in mid June 2013

Interest rates:

Depends on how you apply

Fixed at 5.60% to 6.90% depending on repayment options

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 6.74% to 13.49% with no fees.

Variable rate loans from Prime + .25% to Prime +6.99%

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 a valid Social Security number and 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. If the student is not currently enrolled the loan must be applied for within 30 days of the loan period end date.

.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 (maximum $25,000 per year for the Student loan for parents)

total educational debt (federal and private) not to exceed $120,000 for undergraduate (not to exceed $100,000 for Student loan for parents)

minimum loan amount - $1,000

Wells Fargo - TILA application and solicitation disclosures

 

 
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